The markets reversed strongly down on Friday as did many of the speculative stocks I watch. Friday was also a high volume down (distribution?) day for the QQQ. The market averages have been advancing since they bounced on 2/5. I would not be surprised to see some retracement as current events in Ukraine provide a catalyst. International markets are down Sunday night and gold is rallying (Yay!). I will not buy anything else now and will wait to see if the averages bounce off of support. The QQQ might find support around 87-88, where a lot of indicators are converging. Here is the daily GMMA chart of the QQQ. Note all of the rising longer term (blue) averages in the 87-88 area. The market may get to climb a new wall of worry.
Meanwhile the GMI remains at 6 (of 6). Remember, that I am a trend follower and exit after the trend has turned down. I cannot catch the top. For now, all of my GMI indicators remain positive. Here is the GMI table.
