The long and short term market trends are down. I remain mainly in cash in my trading accounts. Many of the stocks I follow are very oversold, suggesting that we could get a bounce.
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3rd day of QQQ short term down-trend; Is gold entering Stage 4 decline?
For the first time since January, 2009, GLD has closed below its 30 week average. This could be the beginning of a major Stage 4 down-trend. Click on weekly chart to enlarge.
GMI back to 0 (of 6); hedged and in cash
With the GMI at 0, I am totally hedged and in cash. Another flat or down day will give me a second day with GMI less than 2, a major sell signal. I did not wait for this confirmatory signal to lighten up, however, because with the GMI at 0, I am ready to get defensive. I may start to transfer money in my university pension from mutual funds to money market funds. I do not like the current market pattern.