The General Market Indexes, GMI and GMI-R are both zero for the first time since the August 4 lows. There were only 15 new highs and 264 new lows in my universe of 4,000 stocks on Thursday. Thursday is the 3rd day since I identified the new QQQQ down-trend. The GMI indexes once again got me out of the market at the beginning of a decline. It is now time to be short the QQQQ by being in QID or in cash. I never fight the market trend.
Dr. Wish
GMI: 1; GMI-R: 1; 2nd day of QQQQ down-trend
The GMI and GMI-R are both 1. There were 53 new highs and 123 new lows in my universe of 4,000 stocks on Wednesday. I do not hold long positions during a QQQQ down-trend. I do not fight the market trend. The odds of success always increase when one trades consistent with the general market trend. Only 37% of the Nasdaq 100 stocks are now above their 30 day average.
GMI: 1; GMI-R: 2; Day one of QQQQ down-trend
The GMI is now 1 (of 6) and the GMI-R is 2 (of 10). I am now a little short and mainly in cash. Tuesday was the first day of the new QQQQ down-trend. There were 76 new highs and 58 new lows in my universe of 4,000 stocks on Tuesday.