No changes from yesterday, both GMI’s at 1. Still waiting to see if this bounce holds. Mainly in cash and comfortable just watching.
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GMI:1; GMI-R:1; Bounce or bottom?
The GMI and GMI-R each rose to 1. Tuesday was the third day in the current QQQQ short term down-trend. It will take a lot more time to determine whether Tuesday’s rise was the beginning of a real turn in the markets. For now the QQQQ down-trend (as well as that of the DIA, SPY and IJR) remains intact. I remain mainly in cash and short through the QID.
GMI:0; GMI-R:0; in cash and short in QID
The GMI is now zero, as is the GMI-R. There were fewer new lows on Monday than on Friday (192 vs. 335) in my universe of 4,000 stocks. The Worden T2108 indicator is at 19%, now in the area where prior market declines have bottomed. Nevertheless, Monday was the second day in the current QQQQ short term down-trend and I have no idea how long this decline will last. I remain in cash and short the Nasdaq 100 in the QID ultra short ETF.