Posted Tuesday, July 20, 2010 @ 7:00 am by Dr. Wish
GMI back to 1; Short and in cash; GMMA shows QQQQ down-trend
The QQQQ short term trend is now back to down and the GMI is at 1 (of 6). When tech stocks like TXN and IBM decline after hours after reporting earnings increases it does not bode well for the market–unless you are a bear. The daily GMMA chart of the QQQQ (click on chart to enlarge) shows that all of the short term averages (black) are below the declining longer term averages (red). Compare the pattern now to that which we had from February to May. Why fight the down-trend??!!! I remain mainly short and in cash.
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