Futures portend down open; new QQQ short term up-trend in jeopardy; still in cash


I have been saying for quite some time that we needed to wait until the counter-trend rally was complete in order to see if the recent bottom will hold.   If the bottom holds, we could see the rally resume.   Still, the market remains in a longer term down-trend for now and it makes the most sense to me to stay in cash until the trend turns up.   The new QQQ short term up-trend could end with a decline on Tuesday. With the GMI at zero, it makes no sense to have any long positions.

I love to watch the new high list for clues to the next leaders when the market recovers.   Most stocks hitting new highs are gold-related. However, several other strong stocks that I am watching are:   MAKO, JAZZ, COG, CF and ALXN.   I will watch them patiently until the market trend turns up and the GMI approaches 4.

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