This weekly chart shows that SBUX entered a Weinstein Stage IV decline. Will people go out to buy coffee in a crowd in China?
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New $QQQ short term down-trend; IBD sees market in correction; GMI likely turns Red Wednesday
At 1.12, the put/ call ratio is still not extreme enough for a meaningful bottom. Similarly, the T2108, now at 21, needs to fall to single digits to suggest to me a bottom. The daily RWB up-trends in SPY, DIA and QQQ are over. IBD sees market in correction. I sold some of my university pension mutual funds Tuesday. Perhaps most troubling to me is the fact that DIA is below its 30 week average, solid red line in the weekly chart below. End of Stage II up-trend?
$QQQ short term up-trend likely to end Tuesday–finally, after a record 91 days (since 2006); $ZM rises
At 1.07, the put/call ratio is not extreme enough to indicate a bottom. The VIX is also not extreme enough. I think this market will decline further. My portfolio made money Monday as I held GLD, which I sold.
ZM rose on Monday on above average volume. People may seek virtual meetings as the virus spreads. Watch if ZM breaks above its green line. Earnings are due on March 4.
