GMI: +1; Only 8% of stocks in short term up-trend; 100% in cash
The GMI remains at +1, and there were only minor changes in my indicators on Tuesday. 
Between 20-24% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced. There were 40 new highs and 141 new lows in my universe of 4,000 stocks. There were only 31 successful 10 day new highs-stocks that hit a new high 10 days ago and that closed higher Tuesday than 10 days earlier. Only 8% of stocks are in short term up-trends. 16% of stocks are within 5% of hitting new lows, compared to 7% that are near their new highs. Tuesday was the tenth day (D-10) in the QQQQ decline. I am 100% in cash.
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Comments ( 1 Comment )
Andre added these pithy words on Wed, 10-19-05 at 5:01 pmIt will be interesting to see what happens tomorrow with the market. I am looking to see another follow through day on increased volume. Like you I am in 97% cash. My watch list is primed and ready to go.
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