After adjusting trading volume for the shorter trading day on Friday, IBD said Friday constituted a follow-though day of the rally and proclaimed a new up-trend. The GMI and GMI-2 are both at 3 and could easily give a buy signal this week. Two consecutive days with the GMI above 3 will produce a new buy signal. However, IBD is so good at calling the market’s trend that I will respect their opinion and exit my small short in position in SQQQ and start to slowly go long the TQQQ in stages. If this is a new up-trend there will be plenty of time to accumulate TQQQ on the way up. I am also impressed at the recent relative strength of FB, which I own.
WFM is a great short here. Price target of 60.