Posted Tuesday, May 11, 2010 @ 6:41 am by Dr. Wish
4th Day of new QQQQ down-trend, T2108= 31%; I remain cautious and mainly in cash
We got the snap back rally from the extreme oversold level we had on Friday, as evidenced by the T2108 reaching 15%. After Monday’s rally, the Worden T2108 Indicator settled at 31%, well out of oversold territory. and the GMI-R rose to 2, because there were more new highs than lows (48 vs. 6 in my universe of 4,000 stocks). However, the QQQQ remains in a short term down-trend (4th day, D-4) and I remain largely on the sidelines in my trading accounts. When the up-trend resumes, I will wade back into this market on the long side.
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