My attempts to nibble at a few things the past few weeks have not worked out. Break-outs have been failing. During past significant market declines I waited to ge back in until the key indexes climbed above their 30 week averages and the average curved up. There was plenty of time to profit once that happened. I leave it to the day traders and gamblers to try to catch brief bounces. I love this quote from the great Nicolas Darvas:
I think this says it all. I will, of course, alert my readers to when the storm clouds have dissipated. With the GMI at 0 (of 6) and Red, I see no reason to attempt to go long equities now. Happy Holidays to all!!!!!
1 thought on “Blog Post: Day 1 of $QQQ short term down-trend; GMI=0 and turns Red; Best to hold cash and receive income form money market funds; I agree with this wise quote from Nicolas Darvas”
Thanks a lot for your great work and the valuable advice you give every day! They are very much appreciated here.
Have a Merry Christmas and a Happy New Year!