Short term trend still in doubt; in cash and gold

GMI4/6
GMI-24/8
T210868%

According to the way I define it, the QQQQ short term down-trend   completed its second day (D-2) on Wednesday.   I will be more confident of the new down-trend if it persists for 5 days. The longer term   trend is still up, but there has been a lot of back and forth around the 30 day average.   The QQQQ appears to be finding support around its 50 day average, now at 56.86.   A close below this important average would signal important short term weakness in tech and growth stocks.   IBD already considers the market to be in a correction and cautions readers against making new buys right now.   With stock index futures well under fair value this morning, it looks like we may get a test of critical technical support on Thursday. While I remain fully invested in mutual funds in my university pension, I am largely in cash and in a little gold (DGP) in my IRA account.

A number of people have asked me what stocks I monitor for an indication of how the market leaders are doing.   They are: PCLN,AZO,AAPL,BIDU,CMG,AMZN,GOOG,NFLX,FFIV.   The last 4 are showing weakness, closing below their 10 week averages. I am cautious now, given the   signs of short term weakness in the leaders and in my other indicators.

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