Ten out of 146 industry indexes (7%) are in daily and weekly RWB up-trends (see blog glossary). Within these industries are several stocks that look technically strong and could be monitored: Restaurants (SBUX), Financial Exchanges (CME), Insurance Brokers (FANH), Discount Stores (DG,OLLI, BURL), Grocery Stores (CASY), Long Term Care Facilities (NHC), Utilities (HE), Department Stores (KSS), REIT-Health Care Facilities (MPW) and Confectioners (HSY). Of course, with the GMI=0 and on a Red signal, to buy anything is to go against the general market’s trend.
Friday was the 21st day of the QQQ short term down-trend. The QQQ and SPY have closed below their critical 10 week averages for 5 weeks. Cash is a position! On to the election….
