Posted Wednesday, September 17, 2008 @ 12:12 am by Dr. Wish
GMI: 0; GMI-R: 0; 11th day of QQQQ down-trend
The GMI and GMI-R remain at zero. There were 36 new highs and 962 new lows in my universe of 4,000 stocks on Tuesday. At the bottom on July 15, we had 988 new lows. The Worden T2108 indicator rose to 26%, and the CBOE volatility index hit an intraday high of 33.7%. Thus, Tuesday may have been a bottom, for now. Tuesday was the 11th day of the current QQQQ down-trend. The best place to be right now is in cash, as the market sorts out the financial turmoil.
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