Technicals have all weakened. One new high and 73 new lows in my universe of 4,000 stocks on Wednesday. T2108 back to 49%, not in bottom territory. Going back to cash.
Dr. Wish
GMI: 2; GMI-R: 3 QQQQ on critical level–very cautious
I am very cautious about the continuation of the QQQQ short term up-trend, now in its 24th day. There was only one new high and 33 new lows in my universe of 4,000 stocks on Tuesday. This is not the time to chase stocks at new highs. I am trying to hold onto my cash secured puts through Friday’s expiration. I have cut back QLD and am ready to sell all if the QQQQ declines. This is really a time to be mainly in cash again.
GMI: 2; GMI-R: 3; lightening up
The indexes are on or below support. A lower close on Tuesday will get me out of all positions. I have lightened up on QLD and my longs are getting stopped out. The T2108 is back down to 68%, in neutral territory. Only one new high on Tuesday and 29 new lows in my universe of 4,000 stocks.