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The GMI is still at 6, although my short term indicators are weakening; now only 31% are positive.  Still, the up-trend has not been broken.  Nevertheless, I remain ready to respond if the GMI falls below 4.  The Worden T2108 indicator is at 41, still not really in bottoming territory.  This decline may set up an earnings rally early in July.  Meanwhile, oil industry stocks are strong and FTO, which I own, continues to climb. GOOG looks ready to go to new highs.  Have a nice weekend.

See my disclaimers on prior posts.

The GMI remains at 6 and the QQQQ is in its 52nd day of its up-trend.  Furthermore, the short term interest rate indicator I have been writing about plunged on Friday.   The sustained down trend in this indicator suggests to me that the next move by the Fed will be to lower rates.

See my disclaimers at the bottom of my prior post.

The GMI is back to 6, after rising to 5 on Wednesday.  In addition, the short term interest rate indicator I have been writing about fell yet again on Thursday and is approaching its weekly low.  This indicator continues to suggest that the Fed is letting short rates fall.  Anyway, why do they need to raise short rates when the bond market has already driven long rates up? Rising mortgage rates will do a lot to cool off this economy and the Fed will probably have to come to its rescue soon.

In the meantime, I eagerly await option expiration on Friday so that I can collect my 3%+ monthly premiums from selling calls. Also, note that FTO, which I wrote about at 40.26 on 5/31 (I own it) is now at 42.91 and appears to be gaining strength….