While up-trend is intact, the markets appear to be weakening. Still long, with the major up-trend. I am on vacation through tonight.
Dr. Wish
Market in rally mode
The QQQQ remains in a nice up-trend and I am long stocks. We are in the period when few pundits believe the rally is justified. That is okay with me. I just ride the train as it goes in the right direction, until it turns. Two stocks I have been riding, PEGA and SXCI, have had nice break-outs. However, I still prefer to concentrate in the ultra QQQQ ETF, QLD.
T2108 about as high as it gets–time to hold off on new buys? Oil and gas at bottom?
I am a little concerned that the Worden T2108 Indicator is at 90%, about as high as it gets. It measures the percentage of NYSE stocks above their 40 day simple moving average. See weekly chart of T2108 below. (Click on chart to enlarge.) It may be time for me to hold off on new purchases. However, the GMI is now 6 of 6. I am therefore almost 100% long, as the longer term trends remain up. I am also watching the ETF’s UNG and USO, as gas and oil may have bottomed.
