Posted Thursday, July 24, 2008 @ 9:06 am by Dr. Wish
GMI: 0; GMI-R: 2; T2108 jumps to 34%; pilot buys; CPST tops out?
The GMI remains at zero (of 6) but the more sensitive GMI-R rose to 2 (of 10). There were 74 new highs and 23 new lows in my universe of 4,000 stocks on Wednesday. The Worden T2108 indicator jumped to 34%, well out of bottom territiory. This pendulum of the market needs to rise above 70% before we start looking for overbought territory. It bottomed out at 8% in early July. The QQQQ remains in a down-trend, Wednesday was the 30th day of this trend. Still, a lot of NASDAQ stocks are bouncing back and I am doing some cautious pilot buys in such stocks as AFAM, SOHU, BABY and NUVA, and placing close stops below support. IBM also looks strong. CPST looks toppy to me on the daily chart–head and shoulders?
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