I am in cash on the sidelines in my trading accounts. GMI could issue a sell signal on Thursday. Meanwhile, my QQQ short term trend count is now D-1, day one of a new down-trend. I am usually more confident of a new short term trend when it reaches the 5th day.
Going to cash in trading accounts; IBD calls market correction
The QQQ short term up-trend could end with a weak day on Wednesday. While the GMI buy signal remains in effect, I do not like the action of the market and IBD has now declared a correction. The QQQ has now closed below its important 10 week average. I can rarely make money when this is so. There will be plenty of time to be invested once we get through the debt limit and government shut-down. However, I remain invested in mutual funds in my university pension where I cannot trade often. The Worden T2108 is at 42%, in neutral territory. The major indexes are not in extreme over-sold territory— yet.
23rd day of QQQ short term up-trend
Indicators are beginning to weaken. Getting more defensive. Green line break-outs not holding.