Wishing Wealth Blog

Only 2 new highs (AVAV and ASEI) and 192 new lows in my universe of 4,000 stocks on Friday. The QQQQ completed its 7th day of the current short term down-trend. The prior QQQQ up-trend lasted only 24 days and did not deliver much of a rise. GMI0123 Only 20% of the Nasdaq 100 stocks have an MACD above its signal line. The T2108 indicator is at 40%, well within a neutral zone. I see no signs of a bottom. In fact, things look pretty much in a solid down trend. I remain mainly in cash.

There were 7 new highs and 131 new lows in my universe of 4,000 stocks on Thursday. This is not the time to buy growth stocks at new highs. I remain mainly in cash.

The GMI and GMI-R remain at zero. There were 5 new highs and 165 new lows in my universe of 4,000 stocks on Wednesday. The major index moving averages I follow are flat, a time when it is likely we will be whipsawed back and forth until a major up or down-trend develops. Time to be mainly in cash.