Posted Friday, October 21, 2005 @ 8:45 am by Dr. Wish
GMI: +1; Market insanity…
My market indicators weakened Thursday, but remained above Tuesday’s lows. This has been a good time to be off the roller-coaster. Are we at the point when one stock (GOOG) determines the fate of the market? Market insanity prevails.
The GMI is still at +1. One third of the QQQQ stocks rose on Thursday, along with 17% of the S&P 500 and Dow 30 stocks. There were 66 new yearly highs and 135 new lows in my universe of 4,000 stocks. Thursday was day 12 (D-12) in the current QQQQ down-trend. Fasten your seat-belts Friday.
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