With the GMI less than 3 for two days, it has now flashed a Sell signal. The QQQ short term trend has also turned down. This daily GMMA chart of UUP shows that the dollar’s short term up-trend has been broken. The RWB pattern is gone.
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Change in short term trend imminent, IBD sees market correction
Wednesday was the 19th day of the QQQ short term up-trend. That up-trend could end on Thursday and the GMI could signal a Sell with a weak day. IBD now sees the market in a correction. The collapse of the biotech leaders is an ominous sign. In addition there have been more new lows than highs for the past 2 days. Interest rates are rising. The failure of the QQQ to hold its channel break-out (see chart) is also a major sign of weakness. I am largely in cash in my IRA trading account. I have a small position in SQQQ also.
18th day of $QQQ short term up-trend; $TASR-picture perfect!
My market indicators are quickly deteriorating. QQQ sold off on large volume and re-entered its channel. I am getting very defensive.
One of my only holdings is TASR, which has broken its green line top from December 2004. TASR hit a new all-time high on Tuesday. A lot of police are going to be wearing their cameras. My stock buddy Judy has been talking about TASR for quite a while. Having gone vertical, it may be extended.
