The GMI fell back to one (of 6) and the GMI-R to 3 (of 10). There were 53 new highs and 63 new lows in my universe of 4,000 stocks on Wednesday. The QQQQ is right on resistance. We need to wait to see if it can break through. ALNY, one of Judy’s favorites, rose 5% on Wednesday. I own a few shares of ALNY.
Dr. Wish
GMI: 2; GMI-R: 5; Signs of a turn; QLD
The GMI rose to 2 (of 6) and the GMI-R to 5 (of 10). The more sensitive GMI-R is picking up strength in my very short term indicators. A few more days up will turn the GMI positive and end the QQQQ down-trend. The QQQQ completed the 35th day of its down-trend on Wednesday. The Worden T2108 indicator is now at 37%, well into neutral territory. There were 69 new highs and 63 new lows in my universe of 4,000 stocks on Wednesday. It is time to look for strong stocks that are breaking out. Once the trend is up, I will discuss the stocks I am watching. Right now I am wading into the ultra long QQQQ ETF, QLD.
GMI: 0; GMI-R: 2; 34th day of QQQQ down-trend; turn near?
The GMI remains at zero (of 6), but the more sensitive GMI-R has climbed to two (of 10). There were 36 new highs and 67 new lows in my universe of 4,000 stocks on Tuesday. The Worden T2108 indicator is up to 32%, in neutral territory. More promising is the fact that the QQQQ MACD is now above its signal line. In the past, this pattern has provided an early indication of a reversal of a down-trend. I am beginning to look at slowly accumulating QLD, the ultra long ETF for the QQQQ.