Posted Friday, August 31, 2007 @ 12:01 am by Dr. Wish
GMI: 2; Buying QLD and tech
The GMI rose to 2, and I am nibbling at tech stocks and QLD. 
The QQQQ is now above its 30 day (red), 10 day (dotted line) and 10 week averages, a very good sign. The daily MACD (blue) is also above its signal line (red). The Daily and Weekly QQQQ indexes are now positive. The QQQQ is also stronger than the other indexes I follow: SPY, DIA and IJR. I am beginning to write covered calls on strong IBD 100 stocks. Still, there were only 37 new highs and 28 new lows in my universe of 4,000 stocks on Thursday. Small bets are best for now, until the GMI rises to 4.
Post Tags: Covered Calls, IBD
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