On the sidelines with small positions. Watching for definitive signs of a real turn. Meanwhile, here are two new Judy’s picks: SSYS, DDD. I have a position in DDD. Both of these have recently bounced off of support and are in the emerging 3D printer business. My stock pick buddy, Judy, loves this 3D concept.
Dr. Wish
27th day of QQQ short term down-trend; GMI remains on a sell signal; GLD and commodities are weak
The market remains in a short term down-trend within a longer term up-trend. I am mainly out of the market and in cash in my trading accounts and remain invested in mutual funds in my university pension. The time for me to be in stocks is after the GMI has given a buy signal. The last GMI signal was a sell in early May.
I own some put options on GLD. Gold still looks weak to me, especially with the dollar getting stronger. Look at this recently strong daily chart pattern of the bullish dollar ETF, UUP. Click on chart to enlarge. As the dollar rises in value, it takes fewer of them to buy an ounce of gold, and GLD and other commodities decline.
DBC, a commodity tracking ETF, is back to where it was in December.
Video post is a hit; waiting for a strong signal
Thank you for the terrific feedback I received on my video. If you received the post by email and could not access the video, please go directly to the blog site at www.wishingwealthblog.com and go to Monday’s post. I plan to post a video every Monday morning.
We had a nice bounce from oversold on Monday. It will take a while to see if this is a real turn, however. I am waiting until things move back up towards resistance to see if things can break through. If stocks start to weaken again, I will buy some QID to make money as the Nasdaq 100 index stocks decline. This is the time for me to wait on the sidelines and to watch carefully for a signal. Monday was the 26th day of the current QQQ short term down-trend.