My market indicators are back to zero. There were only 18 new highs and 28 new lows in my universe of 4,000 stocks on Monday. Time to be on the sidelines, safely in cash. A market like this may be great for day traders, but not for methodical trend followers. If you can't resist being in the market, you have an addiction, not a serious money making pursuit.
GMI: 1; GMI-R: 3; 14th day of QQQQ down-trend; still mainly in cash
The GMI has increased to 1 (of 6) and the GMI-R to 3 (of 10). There were 319 new highs and 81 new lows in my universe of 4,000 stocks on Friday.
The major trends are still down, in spite of the huge bounce at the end of last week. It will take a lot more of an advance to turn my daily and weekly indicators for the QQQQ and SPY positive. Friday was the 14th day of the current QQQQ down-trend. This is still a good time to be mainly in cash as the fiinancial markets sort things out.
GMI: 1; GMI-R: 1; 13th day of QQQQ down-trend; IBD100 new highs
The GMI and GMI-R rose to one each. This is because there were more than 100 new highs (136) in my universe of 4,000 stocks on Thursday. Almost all were banks. However, some stocks on the IBD100 lists the past year that hit a new high on Thursday are: SF, CNQR, BKE, KNDL, SRCL, BCPC, WST, ASEI, WBSN. This may be where to find the new leaders if a new up-trend materializes. There were also 803 new lows on Thursday. The market remains very volatile, given the impending government interventions. Still, the trend is down. I remain mainly in cash.