GMI: 1; IBD100 performance; Bounce coming?

@ 12:01 am

The GMI remains at one.  On Friday, 28-37% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced.  Gmi0316 There were only 71 new highs in my universe of 4,000 stocks. The QQQQ is in its 14th day of a down-trend and has closed below its 10 week average for three weeks.  Only 23 % of the Nasdaq 100 stocks closed above their 30 day averages, up from a low of 13% on March 13. 

The IBD 100 stock lists are doing somewhat better than the Nasdaq 100 stocks.  More of them (7) hit new highs on Friday and a larger percentage closed above their 30 day averages.  Ibdperf0316

While the markets are in down trends, I am somewhat reticent to short stocks.  I have to suspect that with the end of the first quarter coming and earnings due in April, we should get another  bounce soon.

See my disclaimers at the bottom of my prior post.

GMI: 1; Trend still down

@ 12:01 am

The GMI is still 1.  67-75% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Wednesday.  Wednesday was the 13th day in the QQQQ down-trend.  Gmi0314 There were 29 new highs and 142 new lows in my universe of 4,000 stocks.  Will Wednesday’s bounce hold?  No one knows.  The trend is down until it changes.

Blogdisclaimer

GMI: 1; GMI-S: 0; Short or in cash

@ 12:01 am

The GMI is still 1 and the GMI-S has returned to zero.  Gmi0313 Only 3-4% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Tuesday.  Only 13% of the Nasdaq 100 stocks and 46% of this week’s IBD 100 stock list closed above their 30 day averages.  Tuesday was the 11th day in the current QQQQ down-trend.  It remains to be seen whether these declines will surpass the lows of last week.  Right now there is so much technical damage to the indexes that I am either short or in cash. 

See my disclaimers at the bottom of yesterday’s post.