GMI rebounds to 4; Market whipsaws

GMI4/6
GMI-23/8
T210864%

I wrote earlier this week that I was mainly in cash in my trading accounts because of the frenetic nature of the market, responding vigorously to each announcement about the fiscal cliff negotiations.   It remains to be seen whether Tuesday’s sudden snap-back rally will hold.   If it does, the GMI and QQQ short term trend could reverse   again. I do not trust changes in the short term trend until they reach five days. I remain on the sidelines in my trading accounts. On the other hand, IBD has changed its view of the market to, confirmed up-trend.   They are typically very good at determining the market’s trend.

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