Posted Monday, July 26, 2010 @ 12:06 pm by Dr. Wish
GMI: 5; T2108: 78%; Looking to go long
I was prevented from completing my blog post this weekend because we lost power during the storm Sunday afternoon. I still lack power, and will do a full post when it returns and I can get on my home computer.
The only indicator still negative is the QQQQ Weekly Indicator, which means the longer term trend remains flat or down. We are close to a turn, however, and then the GMI would equal 6. There were 178 new 52 week highs on Friday in my universe of 4,000 stocks. I will look for buys among these stocks which held up during the recent market turbulence.
One negative, with the T2108 at 78%, it is getting near the level where markets have topped. I always wade into the market slowly when I think the market trend is turning.
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