First day of new $QQQ short term down-trend; GMI at 2; Bio-techs, including $INGN resilient but has difficult announcement today


IBD still sees “market uptrend under pressure.” With the GMI now at 2 it could flash a Sell signal with a second day below 3. The QQQ short term trend is now down but about 40% of these down trends since 2006 lasted 5 days or less. An indication of strength is that the biotechs came through this period strong. Fourteen biotechs hit new highs on Wednesday. Some of them that I have been following for a while and that are in strong RWB up-tends include: CBMG, TSRO, UTHR, QURE, ANAC, INGN , BLUE and RCPT.   Last December I wrote about INGN as a stock my stock buddy, Judy, had talked to me about. It was then at $30.25. It closed at $37.34 on Wednesday. The GMMA chart shows a nice RWB pattern and a green line breakout (GLB) to an all-time high in November. Way to go, Judy!!!! (After this post was first released, I found that INGN released some difficult news that is causing the stock to decline premarket.)

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With the leading industry, biotech, (see industry chart below) still showing strength, this bull may only be resting.

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