The GMI returned to 6 and the GMI-S rose to 75. The QQQQ appears to be starting another up-trend (U-1). It also looks like GOOG may have another earnings related bounce–it reports on 1/31. There were 303 new highs on Wednesday in my universe of 4,000 stocks. 80-90% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose. The 30 day moving average for the QQQQ is flat and when that happens the index often times goes back and forth around its 30 day average. These whipsaw moves are very frustrating and hard to trade profitably. As long as the GMI is above 3, it may be better to stay long in the other ultra long index ETF’s; MVV, SSO and DDM. Their underlying indexes are exhibiting consistent up-trends.
See bottom of my prior post for my disclaimers.