GMI holds 6 , but GMI-2 declines to 3; ASPS over $50


While the GMI barely held to 6, the more sensitive GMI-2 fell to 3.   Another flat or down day in the QQQ will change its short term trend to down.   The QQQ daily 10.4 stochastic is in overbought territory at 84 and has crossed below its longer term average.   Over the past few months, this pattern has signaled the start of a decline.   See the chart to the right. The Worden T2108 fell to 44%, but is still in neutral territory. So, I lightened up yesterday on QLD and bought a put on one stock. IBD still considers the market to be in a correction and suggests staying in cash. Only two stocks came up in my good fundamentals+new high scan:   ASPS and GNRC. ASPS broke $50 for the first time.

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