Up-trend in 7th day: T2108: 58%, out of over-sold territory; homebuilders recover; GMI: 2; GMI-R: 4
The markets continue to improve. The QQQQ sort term up-tend has completed its 7th day. The Worden T2108 indicator (58%) is well out of over-sold territory, but still far from being in over-bought territory (>70%). The GMI and GMI-R remain at 2 and 4, respectively. It is important to watch what the market is doing and to tune out everything else.
This daily chart shows that the homebuilders ETF, XHB, is starting to recover. It is above its 30 day average (red line) and the 10 day average (dotted line) is now above its 30 day average. This is the first time these technicals have looked so good, since the rise last August and September. (About a week ago I sold cash secured Dec. 12.00 put options on XHB.) The short term trend for homebuilders has changed to up, at least for now……..
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