Blog Post: Day 11 of $QQQ short term up-trend; Last week $STLD had a GLB and a weekly green bar–worth monitoring, see also $PI

@ 8:23 pm
GMI5/6
GMI-25/9
T210873%

Weekly green bar is drawn on a weekly chart when the stock had 4wk>10wk>30wk average and bounced up off of the rising 4 week average (pink dotted line). If I owned STLD I would place a stop just below last week’s low of 99.77 or sell if it closed back below its green line (at 100.37).  The GLB (green line break-out) means the stock broke out to an ATH after consolidating for at least 3 months after its last ATH (here, last April).

PI also had a weekly green bar last week after its recent GLB. Note the huge volume on its GLB week. Cup and handle too?

 

The GMI remains Green, at 5 (of 6).


Blog Post: Day 8 of $QQQ short term up-trend; part of the market is showing signs of strength; see $DIA and $SPY in daily RWB up-trends, leaving $QQQ behind, read my rationale…

@ 9:24 pm
GMI5/6
GMI-24/9
T210873%

It has been my impression that after a scary market decline, people are more risk adverse and first seek out the big name large cap stocks to invest in. Once they profit from these trades they feel more comfortable buying the more risky growth stocks. This may be why the DIA and SPY are looking much stronger than QQQ. See below the daily adapted GMMA charts for each. DIA and SPY have developed RWB up-trends.

Today, I therefore started to slowly reinvest my university retirement funds in mutual funds that track the SPY. The troubling news about inflation and a possible future recession may already be baked into the market. It is very difficult to stay scared of the same issues for a long time. If I am proved wrong about the market’s trend I will simply exit again–I am a nimble chicken.