This is the type of market that one should not fight. I remain in cash. The GMI and GMI-R are each one. There were 37 new highs and 361 new lows in my universe of 4,000 stocks on Thursday. This is not the time to bet on a stock hitting a string of new highs. The exception is commodities.
Dr. Wish
GMI: 1; GMI-R: 1; 100% cash
The GMI and GMI-R are still each one. Wednesday was the 43rd day of the current QQQQ short term down-trend. The QQQQ has closed below its 10 week average for the past 16 weeks. There were only 48 new highs and 148 new lows in my universe of 4,000 stocks on Wednesday. Only 33% of the Nasdaq 100 stocks closed above their 30 day averages and the Worden T2108 indicator closed at 38%, in the neutral range. I am 100% in cash.
GMI: 1; GMI-R: 1; Back to cash.
The GMI and GMI-R are still each one. The indexes are in confirmed down-trends. I am going to cash again.