There were 28 stocks at an ATH on Friday. Seven were oil & gas related and 5 were in insurance. Both V and MA were on the list, having recently had a GLB. Rising interest rates benefit credit cards. QQQ had a high volume decline and the modified daily Guppy chart shows that the RWB up-trend is over. QQQ closed below all 12 of the moving averages, see dotted line. This is the time for me to be in cash in my trading account and to concentrate on preparing my 30 minute presentation for the MoneyShow on Tuesday. Then I will show you how I trade GLBs and analyse their performance. Registration is free and once you register you can get the recording if you cannot attend on Monday at 1:05 PM. Being an accredited investor is not required to attend.
The GMI will likely turn RED by Monday’s close. Note frrom this table that the weekly stochastic is down -16 and well below 80. QQQ and SPY have now closed below their 10 week averages. My trading account is on the sidelines now but I will consider buying some GLBs when they occur. If the GMI reaches zero I will consider moving retirement investments to cash.
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