All indicators remain positive. I am slowly adding to my long positions.
Month: March 2013
QQQ head and shoulders fails; All indicators are positive; IBD: “confirmed uptrend.”
IBD has just changed its market outlook to confirmed up-trend. With the GMI on a Buy signal since the close on February 28, I am adding long positions. This weekly chart shows that the QQQ head and shoulders pattern failed to develop. A lot of stocks are breaking out. With the T2108 only at 61%, this market is not extended.
New QQQ short term up-trend
My indicators have now converged on the bullish side. The GMI and GMI-2 are each 6 (of 6) and the QQQ began a new short term up-trend. However, IBD still sees the market in a correction. Still, I am wading back into this market on the long side. Too may stocks I am watching are gaining strength. I bought some TQQQ on Monday and will buy more if the QQQ continues to rise.