The GMI actually registered ‘0’ on Monday, but I missed it. The QQQ has closed below its 30 week average now for two days. Since 9/26 when the GMI issued a Sell signal, the QQQ has declined -5.9%. The SPY is down -5.2% and the DIA is down -4.5%. Meanwhile, SQQQ (the 3X bearish QQQ ETF) is up +18.5% during the same period. I wish I had the courage to buy SQQQ every time the GMI issues a Sell signal. Did any of you? I will just have to wait to buy the TQQQ the next time GMI issues a Buy signal…
I love to watch the new high list when the market is declining. Here can be found the stocks that are so good they are being supported throughout the dcline. There were 54 new highs on Tuesday. A few of them, 17, are above their recent green line tops: FIZZ, SAFT, TRNO, NU, IGU, SGNT, ANCB, NFBK, CASY, BABY, APT, HPY, POR, AKR, MGEE, CCI, XEL. These stocks are near all-time highs and worth researching for possible leaders in the next market rise, which will eventually come.
3 thoughts on “13th day of $QQQ short term down-trend;17 green line break-out stocks”
Most of the stocks mentioned as looking like possible buys are defensive, ie, utilities, and consumers. Possibly this is a shift in stages, I’ll go back and watch your webinars regarding your strategies, but wondering if the current downturn is temporary or something more…likely everyone wondering the same thing. Thank you for your work.
After following your trading advice for more than three years, I have built up the courage to follow the buy and sell signals more blindly. I successfully bought SQQQ on the last GMI sell signal, but was shaken out by the wild upswing last week before re-purchasing the next day. I am continuing to hold shares in SQQQ and will try to wait to sell until the next GMI buy signal, if I can stomach the ride.
Thanks for all of your continued analysis and daily updates! I look forward to following you for many years to come.
I got out of my shorts because the T2108 indicator was so low… historically, whenever it goes down below 20 and the market isn’t down much (<10%), it immediately snaps right back. This time, it didn't happen – that should have been a clue to me to stay in my shorts. This is an unusual market. The number of new lows vs. new highs should have alerted me to this (I emailed you about this).