The GMI is still 6. However, there were more new lows (159) on Wednesday than I have seen since last March when the Februrary rout ended. Still, there were also 138 new highs in my universe of 4,000 stocks. All up-trends I follow are still in place. The Worden T2108 indicator fell a little, to 49.5; markets get toppy around 80. The market pendulum is right in the middle between the bull/bear extremes. On Saturday, most of my stocks will be called away and I will be back in cash and ready to write new August calls. In addition, I am still long GRMN, FTO and AAPL, and short OMX. Many oil stocks bounced off of support on Wednesday…
See my disclaimers on my prior post.
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