Posted Wednesday, March 11, 2009 @ 8:13 am by Dr. Wish
T2108 calls bounce again! Will rally hold?
The T2108 was in single digits for six consecutive days before Tuesday. Anytime this index is below 10, the market is oversold and it is a good time to look for a rally. There were 6 new highs and 148 new lows on Tuesday in my universe of 4,000 stocks on Tuesday. Tuesday was the 16th day of the current short term down-trend of the QQQQ. It may take weeks before we find out whether Tuesday’s rise will hold. The GMI-R is now up to one (of 10). Perhaps the safest approach for me now is to take on some long positions and buy some puts for insurance, the strategy I described in my prior post.
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