10th day of QQQQ short term up-trend
The QQQQ up-trend continues, completing its 10th day on Thursday. The GMI and GMI-R are at their maximum values. The Worden T2108 Indicator is at 81%, in overbought territory, where it can remain for months. The up-trend that ended on May 4th lasted for 52 days, so the current one cold have a long way to go. Then, again, it could end at any time. Right now, I have some long positions as I wait for a sign that we are entering a Stage 2 up-trend. I must remain vigilant and ready to exit if this young up-trend suddenly ends. I sold out my UNG position with a loss on Thursday.
Comments ( 4 )
Kerry added these pithy words on Fri, 8-6-10 at 7:15 amYou say you are waiting for signs of a stage 2 uptrend. What are those signs, price above an uptrending 30 day or 30 week moving average?
Ewish added these pithy words on Fri, 8-6-10 at 10:12 amStage analysis is based on weekly stats. We need to see a rising 30 week average. Strongest pattern is 4wk >10wk> 30wk
Jason added these pithy words on Fri, 8-6-10 at 8:29 pmI am glad you stated you had a loss…(UNG) because I never saw you saying that you had losses in the market, although I knew in many cases you had losses. Now I will believe you a little more in other issues.
Jason added these pithy words on Fri, 8-6-10 at 8:35 pmBy the way, just sharing….. I bought YRCW (trucking) at 0.19 in mid-July and recently sold at 0.40, doubling my money. happy here!
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