Posted Monday, September 22, 2008 @ 12:01 am by Dr. Wish
GMI: 1; GMI-R: 3; 14th day of QQQQ down-trend; still mainly in cash
The GMI has increased to 1 (of 6) and the GMI-R to 3 (of 10). There were 319 new highs and 81 new lows in my universe of 4,000 stocks on Friday.
The major trends are still down, in spite of the huge bounce at the end of last week. It will take a lot more of an advance to turn my daily and weekly indicators for the QQQQ and SPY positive. Friday was the 14th day of the current QQQQ down-trend. This is still a good time to be mainly in cash as the fiinancial markets sort things out.
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