Blog Post: Day 3 of $QQQ short term down-trend; 102 new US yearly highs and 483 lows, 3 ATHs; $WFRD at ATH and showing strength after recent GLB, see daily chart

@ 8:26 pm
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GMI-22/9
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One of the only stocks hitting repeated ATHs is WFRD. It has great fundamentals, going from no earnings in 2021 to an estimated +.22 in 2022 and 3.00 in 2023. It is also in the oil and gas drilling support business. It has a comp rating=96 and RS=98, according to MarketSmith. WFRD has emerged from a multi-week consolidation after its GLB last October. Look at the recent above average volume and the black dot signals (bouncing from an oversold daily 10.1 stochastic). Someone is buying it. Remember, though, break-outs tend to fail in this market down-trend.

 

 

Blog Post: Day 1 of $QQQ short term down-trend; GMI=0 and turns Red; Best to hold cash and receive income form money market funds; I agree with this wise quote from Nicolas Darvas

@ 6:00 pm
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GMI-21/9
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My attempts to nibble at a few things the past few weeks have not worked out. Break-outs have been failing. During past significant market declines I waited to ge back in until the key indexes climbed above their 30 week averages and the average curved up. There was plenty of time to profit once that happened. I leave it to the day traders and gamblers to try to catch brief bounces. I love this quote from the great Nicolas Darvas:

I think this says it all. I will, of course, alert my readers to when the storm clouds have dissipated. With the GMI at 0 (of 6) and Red,  I see no reason to attempt to go long equities now. Happy Holidays to all!!!!!

 


Blog Post: 85 new US highs and 391 lows on Thursday; $QQQ short term up-trend likely to end and GMI to turn RED with Friday’s close; Retest of October lows coming? Moving to 100% cash, see weekly chart in Stage 4 down-trend

@ 8:58 am
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My indicators have turned extremely negative. I was stopped out of all of my very small positions in my trading account on Thursday. Without a miraculous strong up day on Friday, it appears that there will be at least a retest of the October lows. Cash is king, especially with the nice returns on brokerage money market funds to which my cash is swept. Weekly chart of QQQ shows it has failed to hold its 30 week average (red line). QQQ remains in a stage 4 down-trend.