The GMI and GMI-R remain at zero. There were 11 new highs and 113 new lows in my universe of 4,000 stocks on Friday. Most noteworthy, IBD says that the Investor’s Intelligence Survey indicates that about the same percentage of advisors are bearish as bullish (35.6/36.7). It is rare that there are as many bears as bulls. The last time it happened was near last summer’s bottom. Is this the bottom? You know better than to ask that! The key is that as more people become openly bearish, we get closer to the end of a decline. Note that the Worden T2108 indicator is 36%, still in neutral territory.
GMI: 0; GMI-R: 0; Nice to be in cash!
The GMI and GMI-R are back to zero. Thursday was the 30th day of the current QQQQ short term down-trend. There were 39 new highs and 81 new lows in my universe of 4,000 stocks. The down-trend remains intact and it is very nice to wait out these sharp daily swings in the averages while on the sideline.
GMI: 1; GMI-R: 3; 29th day of QQQQ down-trend
The GMI rose to 1 out of 6 and the GMI-R to 3 out of 10. Wednesday was the 29th day of the current QQQQ short term down-trend. There were only 38 new highs and 55 new lows in my universe of 4,000 stocks on Wednesday. The current bounce in stocks has not yet violated the down-trend.