GMI: 0; GMI-R: 2; 62nd day of QQQQ short term down-trend; T2108: 21%; Some possible rockets
The GMI remains at zero (of 6) and the more sensitive GMI-R rose to 2 (of 10). There were only 11 new highs and 57 new lows in my universe of 4,000 stocks on Wednesday. The QQQQ is approaching a very critical resistance level. We will know in a few days whether the QQQQ can break out and whether a new short term up-trend is beginning. It is important to wait for the signal rather than to anticipate one. It could break either way. In the meantime, there are a number of technically strong stocks from the IBD100 lists the past year that I am watching: HMSY, SHEN, CWT, ASEI, INT, EBS, STRA, LHCG and PETS. I own small positions in some of these and will wait for the start of a QQQQ up-trend to buy more.
Comments ( 1 Comment )
Kenneth Rosenberg added these pithy words on Sat, 11-29-08 at 6:41 pmYou might want to buy some FRE AND FNM AND F
Add a Comment
