IBD now sees market “up-trend under pressure.” By my count, a flat or down day on Thursday will begin a new short term down-trend in the QQQ. Note that the GMI-2 declined to 1. I posted mid-day on Wednesday to inform readers that I was reducing my long positions in the QQQ even more. I now have a small long position and a larger short position in the QQQ leveraged ETF’s. I am 100% cash in my margin account. The market volatility scares me in the midst of the political brinksmanship in Washington. However, the fiscal cliff mess may actually be a cover for a developing bear market. A rally from a last minute resolution may not last long? The year after a Presidential election sometimes brings a weak market, even without extreme political melodrama.