With the put/call ratio still above 1, bearishness is high and the bounce is on. I am patiently waiting on the sidelines in cash. The GMI could go to Sell with a weak day Thursday.
Don’t fight the tape
I remain in cash on the sidelines. It took me years to learn that I don’t have to be in the market all of the time. It is time for a summer vacation.
GMI back to 6 (of 6); Buy signal intact–for now
The bounce came after an oversold position with the put/call ratio above 1. Now I need to wait to see if this is a dead cat bounce or something with legs. IBD still sees the uptrend under pressure and there were more new lows than highs on Monday. The devaluation of the yuan may make it harder for the Fed to raise rates in September. The index futures suggest a weak opening. I remain on the sidelines in cash in my trading accounts.