Posted Thursday, September 18, 2008 @ 12:01 am by Dr. Wish
GMI: 0; GMI-R: 0; 12th day of QQQQ down-trend; Worden T2108: 15%; Decline just beginning?
The GMI and GMI-R are still at zero. There were 20 new highs and 855 new lows in my universe of 4,000 stocks on Wednesday. The Worden T2108 indicator fell to 15%, within bottom territory but still above the level that markets bottomed the past two years. The past two years, declines ended when this indicator was around 7-8%. Note, however, this monthly chart of the S&P 500 index.
In the context of the 2000-2002 decline, the current decline is small and may be just beginning. I will wait for the GMI to signal an up-trend before I go long again.
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