Blog Post: Day 49 of $QQQ short term up-trend; $QQQ, $DIA and $SPY remain in RWB daily up-trends, but there were many new lows last week; the GMI=4 and Green, see table.
Blog Post: Day 48 of $QQQ short term up-trend; Something is off: More new lows than highs, <50% of stocks advancing for days and and equal weighted market indexes are weaker than their large cap weighted indexes, masking the weakness among most stocks. $GLD oversold bounce?
I do not know how long this market can continue to rise based on the few stronger large cap stocks. Only 31% of NYSE stocks have closed today above their 40 day averages (T2108 indicator). In contrast, 55% of the Nasdaq 100 stocks have closed above their 50 day averages. I bought a little GLD after it registered a Blue Dot of Happiness oversold bounce. If this bounce fails I will exit. Are people seeking refuge in gold again? My longer term market indicators remain bullish, however. GMI=5, and it is Halloween!
Blog Post: Day 44 of $QQQ short term up-trend; $AAPL retakes green line, see daily chart. The GMI=6 (of 6) and Green, see Table.
If a stock has a GLB and then closes back below the green line, it is a failed GLB and I exit immediately. If it subsequently closes back above the green line, I buy it back. AAPL reports earnings on 10/30.
