The GMI rose one to +5 because there were more than 100 new highs on Thursday in my universe of 4,000 stocks. But the short term GMI-S fell to 25. The Daily SPY Index and even the weekly QQQQ Index are close to turning negative. My indicators continue to weaken and the QQQQ looks like a head and shoulders top is almost complete. A close below the neck line, around 40, would signal a serious decline. Thursday was the third day in the current short term QQQQ down trend. Between 27-37% of the stocks in the QQQQ, SPY and DIA rose on Thursday. Only 28% of stocks are in a short term up trend and for the first time since November 8, fewer than one half of stocks (47%) closed above their 10 week averages. This is not a time for brave longs. I am raising cash and/or going short.
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