DVMT an IPO from August, 2016 may be breaking out of a consolidation (12/6/6)
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GMI flashes GREEN; 1st day of new $QQQ short term up-trend
The bifurcated market is clearly evident in the fact that the QQQ is above its 10 week average while the SPY and DIA remain below. So the GMI which is heavily oriented towards the QQQ has now gone to Green, 4 days after it turned Red. The QQQ short term trend has also changed to up. I usually wait for 5 days of a new QQQ short term trend to trade it aggressively. I did nibble at TQQQ on Friday. Time will tell.
On verge of renewed up-trends; recent GLB, $MZOR at new highs; Mark Minervini presents to my class
An up day will likely change the GMI signal to Green and the QQQ short term trend back to up after only 5 days. I have written that 40% of short term down-trends since 2006 lasted only 5 days or less. The more sensitive GMI-2 is already 8 (of 8). With interest rates so low, there is no other game in town, except for real estate. So the market up-trend is likely still alive. The QQQ is back in a 12/6/6 RWB pattern (see my glossary for definitions) having closed above all 12 moving averages.
And MZOR keeps rising to all time highs on above average volume.
When I attended Mark Minervini’s terrific 3 day workshop in October, he volunteered to someday speak to my students. Well Mark is a man of his word and he visited my class yesterday and gave a phenomenal 3 hour lecture. If only I had heard such a lecture when I was in my 20’s! Mark has just published his third trading book and I will comment on it after I have read it. His lecturing to my class reflects his strong commitment to teaching young people (and the rest of us) what he has learned from trading the past 30+ years. I highly recommend his workshop and books.