GMI: 0; GMI-R: 0; 12th day of QQQQ down-trend; Worden T2108: 15%; Decline just beginning?

@ 12:01 am

The GMI and GMI-R are still at zero. There were 20 new highs and 855 new lows in my universe of 4,000 stocks on Wednesday.  The Worden T2108 indicator fell to 15%, within bottom territory but still above the level that markets bottomed the past two years.  The past two years, declines ended when this indicator was around 7-8%. Note, however,  this monthly chart of the S&P 500 index.SP500

In the context of the 2000-2002 decline, the current decline is small and may be just beginning. I will wait for the GMI to signal an up-trend before I go long again. 

GMI: 0; GMI-R: 0; 11th day of QQQQ down-trend

@ 12:12 am

The GMI and GMI-R remain at zero.  There were 36 new highs and 962 new lows in my universe of 4,000 stocks on Tuesday.  At the bottom on July 15, we had 988 new lows.  The Worden T2108 indicator rose to 26%, and the CBOE volatility index hit an intraday high of 33.7%.  Thus, Tuesday may have been a bottom, for now.  Tuesday was the 11th day of the current QQQQ down-trend.  The best place to be right now is in cash, as the market sorts out the financial turmoil.

GMI: 0; GMI-R: 0; 10th day of QQQQ down-trend; Worden T2108: 21%; Interest rate cut coming

@ 10:27 pm

The GMI and GMI-R remain at zero.  There were 25 new highs and 609 new lows in my universe of 4,000 stocks on Monday.  The Worden T2108 is now at 21%, near the area where prior bottoms have occurred.  In addition, the VIX, CBOE volatility index,  is now at 31.7, also in bottom territory.  Finally, the short term interest index is screaming an interest rate cut. Note the huge gap down on Monday.

IRX0915

Tuesday should be a critical day, one worth watching the Fed from the sidelines.  If you heeded the GMI and this blog, you should have been protected from most of this carnage.  I remain mainly in cash.