The GMI and GMI-R rose to one each. This is because there were more than 100 new highs (136) in my universe of 4,000 stocks on Thursday. Almost all were banks. However, some stocks on the IBD100 lists the past year that hit a new high on Thursday are: SF, CNQR, BKE, KNDL, SRCL, BCPC, WST, ASEI, WBSN. This may be where to find the new leaders if a new up-trend materializes. There were also 803 new lows on Thursday. The market remains very volatile, given the impending government interventions. Still, the trend is down. I remain mainly in cash.
Dr. Wish
GMI: 0; GMI-R: 0; 12th day of QQQQ down-trend; Worden T2108: 15%; Decline just beginning?
The GMI and GMI-R are still at zero. There were 20 new highs and 855 new lows in my universe of 4,000 stocks on Wednesday. The Worden T2108 indicator fell to 15%, within bottom territory but still above the level that markets bottomed the past two years. The past two years, declines ended when this indicator was around 7-8%. Note, however, this monthly chart of the S&P 500 index.
In the context of the 2000-2002 decline, the current decline is small and may be just beginning. I will wait for the GMI to signal an up-trend before I go long again.
GMI: 0; GMI-R: 0; 11th day of QQQQ down-trend
The GMI and GMI-R remain at zero. There were 36 new highs and 962 new lows in my universe of 4,000 stocks on Tuesday. At the bottom on July 15, we had 988 new lows. The Worden T2108 indicator rose to 26%, and the CBOE volatility index hit an intraday high of 33.7%. Thus, Tuesday may have been a bottom, for now. Tuesday was the 11th day of the current QQQQ down-trend. The best place to be right now is in cash, as the market sorts out the financial turmoil.