Market remains in up-trend but Congressional antics may cause some bumps; EEFT and CME

GMI6/6
GMI-27/9
T210861%

The GMI remians at 6 (of 6) and the Worden T2108 is in neutral territory, at 61%.   The QQQ short term up-trend is only 17 days old.   This up-trend may have a while to go. Last week was end-of-quarter window dressing when the mutual funds buy the winners so their portfolios look smart in their quarterly reports. Hence   a lot of the winners like TSLA and FB were strong.   This week there could be some retracement while we wait for the 3rd quarter earnings to be released. The markets could also be hit by the fighting going on in Congress.

GMI09272013

Meanwhile, here are some interesting charts to think about.   This weekly chart of EEFT shows that it is very close to a green line break-out and could be watched for a high volume push to new all-time highs next week.

EEFTweekly

CME also caught my attention.   It is far below its green line (around $143) but it may be gaining strength.   It is now above its 10 week average and is clearly in a Stage 2 up-trend.   It has been consolidating the past 14 weeks after a high volume advance.

CMEweekly

All market indicators positive; FB holds green line; Gold failing; BIIB and ROST break out

GMI6/6
GMI-28/9
T210861%

With all of my general market indicators positive, I must not fight this up-trend.   The T2108 is at 61%, in neutral territory. I am hedging my long positions a little with some SPXS, in case the market has some fits over the current political fighting about funding the government and raising the debt ceiling….

Meanwhile, FB had a nice green line break-out last week. I will hold FB as long as it holds the green line, around $45.   See weekly chart below. (Ignore the annotations from my current class.) If you want to learn more about green line break-outs, view my free TC2000 Houston webinar from December, 2012, whose link is on the right of my blog page.

FBweekly09212013

And this monthly chart of GLD shows the perils of hanging onto a stock in Stage 3 or 4 that has failed its green line break-out. I would be out of gold or short it. I only buy on the way up, above the top green line.

GLDgreenlinemonthly

Finally, here is a weekly chart of BIIB,   that had a green line break-out last week, one of about 50.

BIIBweekly09212013

And one of   ROST.

ROST09212013

As to the GMI statistics:

 

GMI09202013