With the GMI at 1 on Monday, this marks two days below 3 and a new Sell signal. The QQQ short term trend also turned down. IBD signaled on Tuesday that the market is now in a correction. I am almost sold out of all of my long positions and hold some SQQQ. Time to watch from the sidelines. This daily chart of the QQQ shows the recent GMI buy and sell signals. Click on chart to enlarge.
3 thoughts on “GMI signals Sell; New $QQQ short term down-trend; IBD calls correction”
Your observation yesterday about the foreign ETFs was revealing. I haven’t heard that elsewhere, and it’s important data. Also, I hadn’t considered SQQQ before, but it makes as much sense as TQQQ (which you introduced to my portfolio some time ago). Thank you very much for your insightful contributions, Dr. Wish.
IBD is always late in calling a correction. The market has been correcting for the past TWO weeks. I sold all my holdings on 28-29 Nov 2014. Look at the charts for the past 2 weeks…
Maybe you should start your own blog and announce your predictions BEFORE they happen.