6th day of $QQQ short term down-trend; GMI to flash Red? $MNST showing strength

GMI2/6
GMI-20/8
T210848%

With a lot of tech stocks falling and the GMI likely to turn Red on Friday, I should note that, according to IBD,  the put/call ratio = 1.04. A little more bearishness from option traders could signify a likely oversold bounce. So while I am mainly in cash and short the QQQ with put options, I will not marry a bearish scenario–yet. One stock that came up in my strong relative strength scan on Thursday  was MNST.  It found support at its rising 50 day average (green dotted line) and lower 15.2 BB on above average volume. I am following MNST closely.

MNST is also in a yellowband uptrend heading towards its green line all-time high, after a 3/1 split.

 

2 thoughts on “6th day of $QQQ short term down-trend; GMI to flash Red? $MNST showing strength

  1. These green line breakout stocks are all momentum stocks with high PEs or no PEs. Wouldn’t it be risky to put a sizeable amount of a portfolio on them?

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