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GMI: 1; GMI-S: 0; Short or in cash

@ 12:01 am

The GMI is still 1 and the GMI-S has returned to zero.  Gmi0313 Only 3-4% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Tuesday.  Only 13% of the Nasdaq 100 stocks and 46% of this week’s IBD 100 stock list closed above their 30 day averages.  Tuesday was the 11th day in the current QQQQ down-trend.  It remains to be seen whether these declines will surpass the lows of last week.  Right now there is so much technical damage to the indexes that I am either short or in cash. 

See my disclaimers at the bottom of yesterday’s post.

GMI: 1; GMI-S: 25; X and TSO; IBD 100 new highs

@ 12:01 am

The GMI is still 1 and the GMI-S rose to 25.  Still, the trend is down in the major indexes. Gmi0312  Monday was the 10th day in the QQQQ down-trend. In spite of the general market down-trend, two stocks that are bucking this trend are X and TSO, both of which I own.  It remains to be seen how far this bounce will go and I am mainly in cash.  I also own puts on some weak stocks.  The only way to go short in an IRA is through buying put options.

Any stock that could come through the recent market declines and then hit a new 52 week high is showing notable strength.  The following 14 recent IBD 100 list stocks hit a new high on Monday:  JSDA,BTJ,HURN,GLP,DECK,MIDD,TSO,ETP,AVT,BWP,WCG,FDS,SIMO, CCK.  If I were looking for stocks to buy, I would start researching this list.

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