The GMI remained at 6, bearly (pun intended). However, the GMI-S fell 31, to 44, as many of my short term indicators turned negative. The QQQQ and IJR indicators are almost all negative. 
Another down day in the QQQQ will turn my Daily QQQQ Index negative. Still, there were 145 new 52 week highs in my universe of 4,000 stocks. But only 17-25% of the stocks in the Nasdaq 100, S&P 500 and D0w 30 indexes rose on Monday. The three market leaders, AAPL, GOOG and RIMM are pretty weak. Also, the QQQQ is now below its 10 week average, a key indicator for me. I rarely make money on the long side in growth stocks when this index is below its 10 week average. So, the odds for going long are getting pretty long for me. See my disclaimers at the end of my prior post.
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GMI: 6; Citigroup break out?
The GMI remains at 6. 52-66% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Friday. 58% of the Nasdaq 100 stocks closed above their 30 day averages. There were 140 new highs in my universe of 4,000 stocks. 
Friday was the 8th day in the current QQQQ short term up-trend and the 3rd week the index has closed above its 10 week average. So, given these decent stats, why are my trades not working out? For one thing, the QQQQ whipsawed the past two weeks, climbing up and then falling back to support. But since 12/29 the QQQQ is up 2.3% and 61 of its stocks are up 1% or more in that period. The QLD (ultra long QQQQ ETF) is up 4.1%. Believe it or not, GOOG is up 6.4% and AAPL, 4.3% since 12/29. My problem is that I bought more of these stocks (and QLD) as they rose and took losses when they fell back from their highs. The question remains, will these leaders hold support or break down?
Look at this MONTHLY chart of Citigroup (C). I have learned that it is very important to look at three time periods; monthly, weekly and daily, to ascertain trends.
After a phenomenal rise in the 90’s, C topped out at 55.15 in September, 2000. It remained below that price for more than 6 years. But on last December 18, C went to a new all-time high and continued on to peak at 57 on 12/28. My guess is that a rise above 57 would be another sign of strength in this stock. When a formerly strong stock breaks out of a multi-year base on high volume, good things tend to happen. Monthly charts can tell us a lot more about long term trends than weekly charts.
GMI: 6; Ominous signs; IBD 100 stocks underperforming
The GMI is back to 6, but be careful. Only 18% of the Nasdaq 100 stocks rose on Thursday, along with 37% of the S&P 500 and Dow 30 stocks. 
There were 182 new 52 week highs in my universe of 4,000 stocks. And Thursday was the 7th day in the current QQQQ up-trend. But when IBM, MER and AAPL announce good earnings and their stocks weaken, it is an ominous sign. The GMI-S fell 19, to 69. None of my 4 short term indicators for the small cap stocks (IJR) are positive. The IBD 100 type of growth stocks are also underperforming; only 13% of the list from 12/18 rose on Thursday and only 42% closed above their price on 12/18.
I was stopped out of QLD and ATHR today. I will consider buying the ultra inverse ETF for shorting the QQQQ (QID) if the GMI weakens. Right now this market looks sick, although the trend has not turned down yet. See my disclaimers on my prior post.