The GMI remains at +2, with little change in my indicators since Wednesday. Only 26% of the stocks in my universe of 4,000 are in a short term up-trend. 48% of the Nasdaq 100 stocks, 47% of the Dow 30 and 59% of the S&P 500 stocks rose on Thursday–not a very strong rebound. There were 166 new lows and 114 new highs. This is day three (D-3) of the QQQQ down-trend. 19% of stocks are within 5% of their 52 week highs and 10% are within 5% of their lows. I remain mostly short or in cash.
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