Posted Wednesday, December 10, 2008 @ 12:01 am by Dr. Wish
GMI: 2; GMI-R: 4; 1st day of QQQQ short term up-trend; Buying QLD
The GMI remains at 2 (of 6) and the more sensitive GMI-R is at 4 (of 10). There were 3 new highs and 40 new lows in my universe of 4,000 stocks on Tuesday. Tuesday was the first day of a QQQQ short term up-trend. The QQQQ is sitting on support and we will have to see if the new up-trend has legs. If it can hold for at least 5 days, it has a good chance of being a trade-able up-trend within a longer term down-trend. The past QQQQ down-trend lasted for 69 days. Before that, we had an 18 day up-trend. The only way I know how to play this is to buy a little QLD and keep buying it on the way up. If the up-trend fails, I will get out with a small loss. I remain mainly in cash with some QLD.
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Maple added these pithy words on Wed, 12-10-08 at 7:00 pmBot QLD at 27.89 today. Target is 42.
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