Posted Monday, October 27, 2008 @ 12:01 am by Dr. Wish
GMI: 0; GMI-R: 0; T2108: 2%; 39th day of QQQQ short term down-trend
My indicators remain at extremely low levels and the major indexes remain in down-trends. There were only 13 new highs and 1,576 new lows in my universe of 4,000 stocks on Friday. I see no evidence of any strength yet. EBS and LPHI, two promising stocks at new highs that I have written about, showed large price swings last week. This is typical of weak markets, when the few stocks that hit new highs cannot hold the gains. It is folly to go long during the time when the general market averages are in down-trends. I remain in cash and hold put options on a few stocks.
Post Tags: Put Options
Add a Comment
