With the GMI and GMI2 both moving up to 5, it looks like the trend is turning up. IBD has now declared the market to be in a confirmed up-trend, even though we never got a big follow through day. Another up day in the QQQ will begin a new short term up-trend in that index. I have closed my short positions and am looking to establish long positions.
For those who followed IBD, you’ve lost abt 20% up trending profits during the last 7 days. For those lucky ones who stayed the course (stocks like LULU and SXCI) you’ve gained more than 20% because you did not have comissions in and out of the market! Ain’t life wonderful?
Market volume looks very anemic. I m not sure if I am buying into this new uptrend just yet. I would perhaps like to see more accumulation tomorrow.
Agree with Chris. This may be just window dressing. Of course time will tell but need to see some strong volume. I guess QE2 is still making impact. If markets retrace to 50d MA or just below that we may see strong volume on any upside from there. This may also set up a reverse head and shoulders pattern on daily chart for SP-500.