No changes in my primary indicators. However, about three quarters of the stocks in the NASDAQ100 and S&P500 indexes now have their MACD above its signal line. This indicates at least a bounce. The last time we had readings like this was around August 19. Thursday was the 43rd day of the current QQQQ short term down-trend.
Month: October 2008
GMI: 0; GMI-R: 2; 42nd day of QQQQ short term down-trend; T2108: 5%; LPHI new high
There were 5 new highs and 145 new lows in my universe of 4,000 stocks on Wednesday. The QQQQ short term down-trend continues, now in its 42nd day. LPHI hit a new high on Wednesday, and is still showing unusual strength. It also traded within $0.24 of its all-time high. The major promising technical sign I found today was that about 60% of the NASDAQ 100 stocks and S&P500 stocks are now trading with their MACD above its signal lines. This is a sign of underlying technical strength not seen since last August. In contrast, on October 10th only 1% of stocks had MACD's above their signal lines. I remain short and mainly in cash.
GMI: 0; GMI-R: 1; 41st day of QQQQ short term down-trend; LPHI
The GMI remains at zero, but the more sensitive GMI-R rose to one (of 10). There were 5 new highs and 994 new lows in my universe of 4,000 stocks on Tuesday. The T2108 indicator is at 4%. It will take a lot more of a rise in the indexes to turn the trend around. Tuesday was the 41st day of the current QQQQ short term down-trend. I am keeping an eye on LPHI, which is again showing strength.