The many media pundits saying that the market is extended like in 2000 or 2008 are trying to scare us out of the market. In each of these prior tops, my indicators alerted me to get out before the large declines occurred. Right now, QQQ looks to be in a strong up-trend with the 10 week average retaking the 30 week average. The weekly close, shown by the gray line is, however, very extended above the two averages. So there could be some convergence soon, but it is not a sign of a major top. With the GMI at 6, I am having fun buying stocks having GLBs to ATHs. See my recent MoneyShow presentation to view the evidence for trading GLBs. Also view my TraderLion webinars on this blog’s Webinars Tab.
