It will take a lot more than a large gain like Thursday’s to create a new up-trend. Thursday was the 26th day of the current QQQQ short term down-trend. Are we forming a right shoulder of a head and shoulder top? Only time will tell.
Dr. Wish
Decline continues……25th day; too many fallen leaders
I am concerned that the leaders, GOOG, AAPL, GMCR are failing. We might be at the beginning of a significant bear decline.
Market closes strong–bounce? RDY
While the market closed strong on Tuesday, it has a long way to go to change to an up-trend. Every bounce must be met with skepticism until it proves itself. I remain in cash, GLD and short in my IRA. (I have not yet moved from mutual funds to the money market fund in my university pension, however, primarily because of limits they have on trading to time the market.)
By the way, a stock that hit another new all-time high on Tuesday is RDY, a drug manufacturer in India. This stock should be added to our watch list for possible purchase when the market trend turns up.