The 10 week average is finally back above its 30 week average and 4wk>10wk>30 wk, 4wk avg=red dotted line. This is a powerful up-trend to ride. However, because QQQ closed the week so far above its 4wk average, I would not be surprised to see this week some retracement to kiss the 4 wk average, currently around 675. That would be a potential buy point for me.
Meanwhile, there has been some nice successful GLBs. INTC had a high volume GLB and has then trended along its 5 day exponential moving average (EMA). Even QQQ has been doing so.
One way to trade a GLB is to find one trending along its 5 day EMA. When it closes below it, I may place a sell stop below that day’s low.
GLBs are also powerful for ETFs. Note the one close below the 5 day EMA. If I had placed a stop below that day’s low I would have retained the position.
The GMI= GREEN. It is amazing how well GLBs have been working! Check out my recent MoneyShow presentation, link on the Webinars tab of this blog, to understand how I find and trade GLBs using TC2000. Get a discount coupon for TC2000 on the blog header too and find your own!
