The QQQ backed away from the cliff on Monday and its short term up-trend continues. PANW, which broke above its green line (all-time high) again last week, continued to rise.
As did INVN:
And SHEN:
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23rd day of $QQQ short term up-trend; strength in $INVN; mainly in cash
Short and longer term trends remain up—for now. IBD now sees the market “uptrend under pressure.” While I remain 100% invested in mutual funds in my university pension, which I cannot trade often, I am largely in cash in my trading accounts. GLD has been very strong and my holdings in GLD and NUGT will be called away Friday as the weekly calls I sold expire way in the money. GLD may be too extended for me to buy back and write calls again on Monday. I sold half of my position in TQQQ on Friday morning because too many stocks that have broken out reversed below their break-out levels. The longer term market up-trend is still in place and I will buy back into the market when this weakness is over….
Recent green line break out INVN managed to rise on Thursday on above average volume. INVN is worth watching for future purchase because of its unusual strength in a down market..
22nd day of $QQQ short term up-trend; $GB holding geen line
This daily chart of GB shows it to be holding its recent green line break-out. GB has an IBD composite rating of 90.
