QQQ short term up-trend may end on Thursday

GMI3/6
GMI-21/8
T210859%

IBD now sees market “up-trend under pressure.”   By my count, a flat or down day on Thursday will begin a new short term down-trend in the QQQ.   Note that the GMI-2 declined to 1. I posted mid-day on Wednesday to inform readers that I was reducing my long positions in the QQQ even more.   I now have a small long position and a larger short position in the QQQ leveraged ETF’s.   I am 100% cash in my margin account.   The market volatility scares me in the midst of the political brinksmanship   in Washington. However, the fiscal cliff mess may actually be a cover for a developing bear market.   A rally from a last minute resolution may not last long? The year after a Presidential election sometimes brings a weak market, even without extreme political melodrama.

1 thought on “QQQ short term up-trend may end on Thursday”

  1. QQQ looks ominous for first half of 2013. The behaivior of this stock is mimicking AAPL tick for tick.QQQ will retest 61 and then have a relief rally for January into Feb. One more deep correction is comming for the market. Trade with caution in 2013. We may see a bear market.

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