I am back in cash. I am a chicken. This high volume gap down could be the beginning of a major decline. They shoot the leaders first. Stay tuned…
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Blog Post: Day 3 of $QQQ short term up-trend; 139 US stocks at new highs, 25 at lows and 56 at ATH; 15 stocks with weekly green bar setup, see description of setup and weekly chart of $RKLB
Weekly green bar setup is stocks with 4w>10wk>30wk averages that bounced up off of their 4 week averages and had Relative Strength (SPY) at a 20 week high and reached an ATH in the past 3 months. This list is sorted by close Thursday/close 250 days ago, shown in last column.
RKLB is one example. Note the recent GLB and the bounce up off of both the 4wk (red dotted) and 10 week (blue dotted) averages. Note the Weinstein Stage 2 pattern and that the stock has rarely closed below the 4wk or 10 wk averages. This is the pattern of a strongly advancing stock. The green price bar shows a bounce up off of the 4wk average, which can be a place to get on board. If so, I place my initial stop below the low of the green bar.
Blog Post: Day 1 of new $QQQ short term up-trend and GMI turns Green; Accumulating $TQQQ slowly
It looks like the consolidation is over. I am slowly accumulating TQQQ as long as QQQ is rising. My analyses over the years have demonstrated repeatedly that during a rise in QQQ, TQQQ rises about 3x as much and beats more than 90% of individual stocks. This daily chart shows that QQQ has broken out of its recent channel.
