The GMI and GMI-R remain at zero. Only 63 new highs and 285 new lows in my universe of 4,000 stocks on Friday. Friday was the 6th day in the QQQQ short term down-trend. Cramer thinks we have hit bottom–time will tell. Only 17% of the Nasdaq 100 stocks closed above their 30 day averages. The Worden T2108 indicator is at 36%. I remain mainly in cash.
GMI: 0; GMI-R: 0; More than 1,000 new lows
The GMI and GMI-R are still both zero. An incredible 1,011 stocks in my universe of 4,000 stocks hit a new low on Wednesday. I am comfortably in cash with a few shares of GLD.
GMI:0; GMI-R: 0; over 700 new lows
Both the GMI and GMI-R remain at zero. There were more than 700 new lows in my universe of 4,000 stocks on Tuesday. Cash is king.