Posted Wednesday, July 30, 2008 @ 12:01 am by Dr. Wish
GMI: 0; GMI-R: 2; 34th day of QQQQ down-trend; turn near?
The GMI remains at zero (of 6), but the more sensitive GMI-R has climbed to two (of 10). There were 36 new highs and 67 new lows in my universe of 4,000 stocks on Tuesday. The Worden T2108 indicator is up to 32%, in neutral territory. More promising is the fact that the QQQQ MACD is now above its signal line. In the past, this pattern has provided an early indication of a reversal of a down-trend. I am beginning to look at slowly accumulating QLD, the ultra long ETF for the QQQQ.
Post Tags: ETF
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