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Markets are trying to make up their mind. I am invested a little in long positions and mainly in cash.
AAPL has broken down. But the shorter term averages (red) are still above the longer term averages (blue).
AAPL looks very weak to me. The market often finishes a month strong and falters at beginning of month. I am mainly in cash. But GMI is back to a Buy.
I do not see a clear enough trend to trade, but the GMI is back to 5. The QQQ has re-taken break-out level.
How far will this bounce go?
With a put/call ratio above 1 on Monday, we are getting a bounce in the futures this morning. How long will it last? Note that the longer term trend of QQQ is still up, with a RWB pattern.
The rises in the big momentum stocks like NFLX, GOOG and AMZN are moving the QQQ higher but are masking the weakness in the general market. Traders are seeking refuge in a few big names. There were almost 400 new lows on Thursday, more than twice the number of new highs. With a put/call ratio […]
When AAPL fails can the rest of the market be strong?
We may finally be reaching the top I have been talking about. I am mainly in cash in my trading accounts.
There were almost twice as many new lows than highs on Monday. The troops are not in synch with the indexes. I think we are close to an important top after we get through earnings.