The markets rebounded quickly turning the GMI to 5 and the GMI-R to 8. Friday was the first day in a new QQQQ short term up-trend. It remains to be seen whether this new up-trend can hold through January.
Dr. Wish
GMI:0; GMI-R: 0; Tech bounce?
The GMI and GMI-R remain at zero. It does look like a RIMM inspired bounce may occur on Friday. Options expire Friday. I still do not trust this market. IBD says put/call ratio on Thursday was only .49–a bearish omen. It hasn’t been this low in months.
GMI:0; GMI-R: 0 Third day of QQQQ down-trend
My indexes remain at zero. Wednesday was day 3 (D-3) in the short term down-trend of the QQQQ. This is not the time to be brave.