Blog: Day 1 of a new $QQQ short term up-trend; all GMI components are positive; QQQ and SPY retake their 10 week averages! See weekly chart of QQQ and my analysis.

@ 6:52 pm
GMI6/6
GMI-27/9
T210851%

I have written before that about 40% of QQQ short term down-trends do not last 5 days. I therefore buy a little SQQQ on Day 1 and wait to see if the down-trend continues. I sold SQQQ and bought some TQQQ today and will accumulate more if the new up-trend continues. New short term up-trends are more often likely to continue. Remember, when a new short term up-trend begins it seems unreasonable and it is psychologically difficult to bet on it. Time will tell. But many of these up-trends last 50 or more days and give me plenty of time to get on board. QQQ needs to break through its recent tops to all-time highs. And 2nd quarter earnings are coming.

Screenshot

 

Blog: Day 3 of $QQQ short term down-trend; QQQ and SPY are now below their 10 week averages; MAG 7 ETF in daily BWR down-trend, see chart and GLD’s blue dot bounce.

@ 10:04 pm
GMI4/6
GMI-23/9
T210852%

The growth stocks that drove this market  higher are now faltering. The Mag 7 stocks are in decline, as shown by their ETF, below. On the other hand, there were 364 new 52 week highs among US stocks on Friday, the most since last February. I suspect the growth stocks have had their ride and the remaining stocks are topping out now. They usually shoot the generals first. I suspect we might see one last market rise when second quarter earnings come out, at least among stocks who report great earnings. When growth stocks that report great earnings don’t go higher, it is a sign of danger. And the Fed may be about to raise rates.  I own a little SQQQ and GLD, which recently bounced from very oversold, see chart.

GLD has bounced from its bottom 15.2 Bollinger Band and also had a blue dot, oversold bounce.

The GMI=4 but the 10.4  weekly stochastic is now below 80.