The GMI remains at 4 (of 6) and the GMI-R at 7 (of 10). There were 51 new highs and 84 new lows in my universe of 4,000 stocks on Thursday. My GMI and GMI-R will rise when there are at least 100 new highs and more new highs than lows in a day. But the QQQQ short term up-trend remains intact, having completed its 23rd day. I am confident enough of the short term trend to be buying stocks and accumulating QLD in my IRA. Note, however, that I am careful to stress that the short term trend is up. My Weekly QQQQ Index remains negative, indicating that the longer term trend remains down. So, this is a trade-able rally in an overall down-trend. If the Weekly QQQQ Index turns positive, the GMI will turn 6 and I will move my university pension funds from a money market fund to a growth mutual fund. I trade my university pension account much less often because there are limits to the number of trades I can make each year. I therefore wait for the longer term up-trend to assert itself before I will transfer from cash. I have no such restrictions in my IRA, where I can move in and out of stocks quickly if my short term indicators should reverse. Right now I am comfortable riding QLD and a few stocks, some of which I have written calls on. I also own DZZ, the new ultra short ETF on gold.