According to IBD, the market correction is over. However, while the GMI2 rose to 5, the GMI remains at 3 (of 6). By my definition, the QQQ is still in a short term down-trend. The QQQ must show more strength for the GMI to signal a buy signal. For now, I have a very small short position in the QQQ and GLD.
Dr. Wish
7th Day of QQQ short term down-trend; Watching AAPL for clues
Now that AAPL beat earnings, we need to see if it can hold its strong open on Wednesday. If AAPL can’t hold I maybe should sell in May and go away! Too many leaders have already broken down. All of these have faltered: CMG, BIDU, GWW, NFLX, PNRA, VMW, RL, PCLN, GOOG, BLK. Only 13 of the Dow 30 stock have now closed above their important 30 day averages. I remain in cash and short GLD.
6th day of QQQ short term down-trend
The GMI sell signal from 4/11 is still in place. I am waiting safely on the sidelines as the torrent of earnings releases continues. AAPL to report on Tuesday.