The divergence between the GMI and the GMI2 is troubling. While the longer term components of the GMI are all positive (6 of 6) only 1 (of 8) of the more sensitive components of the GMI2 are positive.The SPY and DIA were holding up but the QQQ was in a free fall on Thursday.The QQQ has now closed below its 10 week average. It is likely that the QQQ short term up-trend will end on Friday, after only 9 days. I am getting very defensive but am aware that early December weakness could set up a strong end of quarter surge fueled by mutual fund window dressing at the end of the month. Check out this daily chart of QQQ.