GMI remains at 1 and has been flashing a sell signal below 4 since the close on July 25. There were only 8 new highs and 189 new lows in my universe of 4000 stocks on Tuesday. This is not the time to buy growth stocks hoping that they will surge to new highs. This is the worst reading I have seen since June 14, 2006. I rarely see fewer than 10 new 52 week highs in a day. The Worden T2108 indicator showed just 11% of NYSE stocks above their 40 day averages. This is definitely bottoming area. The worst declines have gotten down around 6-7%. Extreme readings at major bottoms occurred in 1987, at <1% in 1990 at 5%, 1994 at 7.7%, 1998 8.5%, 2001 at 6.8%. It may be worth nibbling at index ETF’s if this indicator falls to 7%. But I try not to anticipate the market and prefer to wait for the right sign of a turn. This market looks very perilous right now.