Disappointing day for the bulls; GMI: +6 amid signs of weakness; Buy puts?

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.  Gmi725 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……………………………….

Send me your feedback at: silentknight@wishingwealthblog.com.

2 thoughts on “Disappointing day for the bulls; GMI: +6 amid signs of weakness; Buy puts?”

  1. Just re-iterating what you said yesterday…

    “How many times have I noted that one must go with the market trend–not try to anticipate it.”

    By the way, how’d you fair with your “bouncers” trading? Mission complete, mission aborted, or mission impossible?

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