In some of the most volatile market swings I have ever seen, the market rebounded again on Wednesday. The new GMI Sell signal could be reversed with a strong day on Thursday. Wednesday was the 5th day of the QQQ short term down-trend. IBD still sees market in correction. Best for me to be in cash for now.
Dr. Wish
GMI flashes Sell signal; mainly in cash
With the GMI below 3 for two days, it has now flashed a Sell signal. Tuesday was the 4th day of the new QQQ short term down-trend. I am mainly in cash with a small short position in the QQQ. IBD continues to call “Market in Correction.”
GMI back to 2; IBD says market in correction
The end of day drop in the averages brought the GMI down to 2 and the T2108 to 49%. Monday was the third day of the new QQQ short term down-trend. IBD now sees the market in a correction. One more weak day will cause the GMI to flash a sell signal. Time for me to be in cash or short.