Blog Post: Day 28 of $QQQ short term up-trend; GMI remains Green and at 6 (of 6); $SMCI had a beautiful high volume GLB in January but had a likely climax top and selling last Friday, see daily chart


SMCI had a wonderful GLB on January 19 and rocketed higher. However, note the huge volume on the down day on Friday. This could reflect a similar overbought situation with other high flyers. Be careful. We have had a strong market during the release of 4th quarter earnings. I suspect we are likely to have some weakness into late March until first quarter earnings are upon us. For now, I have close sell stops on my positions. I am unlikely to add anything new now but will look to buy future oversold bounces on any significant market weakness.

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