Posted Wednesday, August 27, 2008 @ 5:51 am by Dr. Wish
GMI: 3; GMI-R: 4; on critical support–very cautious
My indicators have weakened and the indexes are sitting directly on support. We should know in the next few days whether this bounce that began in mid-July will hold. I am mainly in cash and will wait for the outcome. Many stocks have broken down recently and in the last six days there have been only 6 to 23 daily new highs in my universe of 4,000 stocks. This is not a market to profit from buying stocks at new highs.
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