Blog post: Day 17 of $QQQ short term down-trend; $QQQ remains in daily BWR decline; IBD calls FTD and resumed up-trend; Link to last week’s AAII webinar in blog

GMI0/6
GMI-24/8
T210826%

Go here to see my AAII Eastern Michigan webinar last week.

FTD= IBD follow through day.  Therefore IBD thinks this rally has legs.

 

4 thoughts on “Blog post: Day 17 of $QQQ short term down-trend; $QQQ remains in daily BWR decline; IBD calls FTD and resumed up-trend; Link to last week’s AAII webinar in blog”

  1. Probably this rally does have some legs. Sentiment has been terrible, and this has thus far been one of the worst January starts ever. Today was a good FTD, with a strong close.

    But I don’t see anything to get excited about. I would like to see T2108 down to single digits, along with a really big spike in the VIX,, in order to think we’re ready for a sustainable rally of any length. That hasn’t happened. So while we may get a rally, it’s not likely to last very long. I think the best case scenario is a rally with a lot of chop going forward. No reason to buy until stocks get significantly cheaper to compensate somewhat for the risk in the current environment. Worst case is this rally is a head fake, and we start downwards again. That would make things a lot more interesting, as sentiment would drop to even lower levels.

    If and when good quality stocks get cheap enough, I’ll start to add more. It’s different than what Wish does, but it’s worked for me in the past quite nicely. There’s no one way to skin a cat….

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