IBD says market back in correction; GMI back to 3; 7th day of QQQ short term down-trend

GMI3/6
GMI-22/8
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Well, the short term down-trend continues, reaching its 7th day on Wednesday.   IBD reversed again on the market trend, even though Wednesday’s decline occurred on lower volume and was therefore not a true distribution day. AAPL actually held up well before reversing down with the market. I remain mostly in cash with a few long positions protected by put options. The longer term trend remains up.

1 thought on “IBD says market back in correction; GMI back to 3; 7th day of QQQ short term down-trend”

  1. Wednesday’s lows in the major averages closed below the Tuesday follow-thru day thus negating the FTD. The markets are very choppy right now, no trend in sight.

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