The GMI is now at 2 (of 6) and the GMI-R is 3 (of 10). There were 48 new highs and 153 new lows in my universe of 4,000 stocks on Monday. It is almost time to go to cash again. The QQQQ is sitting right on support and if it fails I will go to cash.
GMI: 3; GMI-R: 5; Ready to go to cash; more than 100 new lows
The GMI is now 3 (of 6) and the GMI-R is 5 (of 10). If Monday brings another down day, my indicators will turn bearish. For now, I wait for the change–I have made many mistakes in the past by trying to anticipate a turn. I find it far better to follow my rules and to sell after they signal a turn. There were 20 new highs and 106 new lows in my universe of 4,000 stocks on Friday. Friday was the first day with more than 100 new lows, since March 20. Many of the new lows (16) involved banks–not a good sign for the health of the economy.
GMI: 4; GMI-R: 6; 13th day of QQQQ short term up-trend
The GMI stayed the same at 4, but the GMI-R lost one, to 6, because there were fewer new highs than lows (33/71) in my universe of 4,000 stocks on Thursday. Still, Thursday was the 13th day in the current short term up-trend in the QQQQ. Seven stocks from the IBD 100 lists I follow hit a new high: MTL, BDE, CF, MOS, ATN, NEU and NBL. Next Friday is option expiration when I hope many of my stocks will be called away.