The market has weakened considerably, with the GMI now at 4. The Worden T2108 indicator is now at a new low with 32% of stocks above their 40 day averages, still above the level at which bottoms occur (below 25%). There were 342 new 52 week lows in my universe of 4,000 stocks and only 91 new highs. The brokerage stocks are getting slaughtered, suggesting that the general market and underlying financials are weak. This is not the time to be brave. I am in cash with a small position in QID in case this decline continues. QID goes up twice as much as the QQQQ falls. Be careful.
