The GMI is still at +2 as my internal indicators, especially for tech stocks, continued to weaken on Monday. 
Only 26% of the Nasdaq 100 stocks advanced, compared with 61% of the S&P 500 stocks and 63% of the Dow 30 stocks. There were only 67 new highs in my universe of 4,000 stocks and only one new high (PMTI) in the IBD 100 list from 5/15. Since the IBD 100 list was posted on 5/15, 25% of those stocks have advanced, compared with 35% of the stocks in my universe. With odds like these it makes no sense to chase the IBD type of growth stocks, unless one is partial to casino action that favors the house. The key to survival in the market is to play only when the odds are in one’s favor. In this environment my IRA remains short with put options or in cash. There will be plenty of time to jump upon this train when it finally sets a northerly course.
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