The QQQ hit a declining trend line on Wednesday. Tuesday was only the second day of its short term up-trend. The GMI fell to 4. One reason for the decline in the GMI is that the IBD Mutual Fund Index closed below its 50 day average. When the managers of these growth mutual funds cannot make money, neither can I. I wrote calls on some of my long positions to reduce possible losses. I also own a put on GLD, which weakened considerably on Tuesday. I have been writing for some time about gold’s weak technical pattern. Look at the weekly chart for GLD. I thought if might take longer to break below the low of two weeks ago, but I clearly was wrong. Click on chart to enlarge.