There were 32 new lows on Friday in my universe of 4,000 stocks, the largest number since March 12th! There were only 9 new highs. Friday was the 5th day of the new QQQQ short term down-trend. Why try to fight the down-trend when one can sit calmly on the sidelines? The major positive I still see is that the longer term averages I follow are still curving up. If they should be violated on the down side, I will even go to cash again in my university pension. I remain only 15% invested there. Meanwhile, The GMI
Indicators very weak, mainly in cash
With the GMI and GMI-R back to 1, I remain mainly in cash. I am a chicken, and prefer to wait out times like this. The T2108 is at 27% still not at the depths where meaningful turns come. The key to success in the market is to lose little during the bad times.
Getting defensive; short term down-trend may be imminent; is this the market bottom?
My short term indicators are weakening and a lower close of the QQQQ on Monday would bring the GMI to 2. I am very defensive right now. Only 7 new highs and 9 new lows in my universe of 4,000 stocks on Thursday. The Worden T2108 indicator is now down to 41% and will have to fall below 20 to be in possible bottom territory.