Posted Monday, August 25, 2008 @ 12:01 am by Dr. Wish
GMI: 3; GMI-R: 5; 13th day of QQQQ up-trend; bottom in?
The GMI remains at 3 (of 6) and the GMI-R at 5 (of 10). There were 23 new highs and 31 new lows in my universe of 4,000 stocks on Friday.
The Worden T2108 indicator is now at 53%, in neutral territory. It appears to me that the QQQQ, SPY and DIA have all successfully tested short term support. The QQQQ has closed above its critical 10 week average for three weeks. A lot of stocks appear to me to be finding support. So, I am inclined to nibble at QLD again and to look for stocks breaking to new highs. I remain heavily in cash and will slowly wade into this market if stocks strengthen.
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