Today was a disappointing day for the bulls. GOOG, CME, ORCT and HANS continued to weaken. The short term interest rate indicator went to a new high today and bond indicators declined, portending higher long term interest rates. While the GMI remains at +6, there are some signs of weakness. Only 57% of the 4000 stocks I track are in a short term up-trend, the lowest percentage since July 8 when this QQQQ rally began. We are now in the 12th day (U-12) of the rally. Only 30% of the stocks in the Nasdaq 100 and S&P 500 indexes rose today, and only 17% of the Dow 30 stocks. I am slowly getting stopped out of my holdings. Once earnings season is over there may be nothing to support stocks. Time to consider buying puts……………………………….
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