While the new QQQ short term up-trend is still intact, I reduced my long positions in my trading account on Thursday. The GMI buy signal is still in place, but it pays to be careful in this environment. IBD calls the up-trend under pressure and advises caution. I am still 100% invested in mutual funds in my university pension. Thursday’s decline could set up a strong rebound if mutual fund window dressing occurs as the second quarter ends next week.