QQQ has now closed below its 10 week average.
General Market Index (GMI) table
Blog Post: Day 4 of $QQQ short term up-trend; But GMI= only 3. Silver and Gold are going vertical! Be careful.
Many years ago I learned when a stock I owned went vertical and my internal voice said, “this is too easy,” it often meant the stock was having a final climax run. SLV appears that way to me. On Friday it zoomed on the highest trading volume in a long time. This daily chart shows that SLV has closed above its rising 5 EMA (blue dotted line) for 20 consecutive days after its GLB!!!! Social media is filled with posts about silver and gold. Is this too easy? We need to be careful.
The GMI is 3 (of 6), reflecting the fact that fewer stocks are hitting new highs. But it is still GREEN.
Blog Post: Day 5 of $QQQ short term down-trend, it could end Monday; 13 doublers that had a Blue Dot of Happiness setup on Friday; GMI=4
These stocks were at least 1.9x their lowest price this year, see last column, recently traded at an ATH, and bounced from oversold (Blue Dot of Happiness) on Friday. Check them out. I explained this setup during my recent TraderLion Day 6 presentation. I use TC2000 to scan for technically strong stocks that have just bounced. (See coupon for TC2000 on this blog page.) If I buy one of these, I place my stop just below the low of the bounce. Happy Holidays!
The GMI is back to 4, of 6, and remains GREEN.
