GMI is back to 4 and it looks to me like the QQQ short term up-trend is intact. I started buying TQQQ again. This market has had a lot of opportunities to decline but has held—for now. I am slowly going long again.
Market still on support
Another down day in the QQQ on Thursday could trigger a new QQQ short term down-trend. This is a good time for me to be mainly in cash and on the sidelines. In down markets it is much easier to see the winners. Only 9 stocks with good recent earnings came up in my new high scan: NFLX, LL, MANH, JAZZ, GMCR, ATRO, LGF, PFPT, DWA. It is not a good idea to buy new highs now, however. Few stocks in this market can make a series of new highs.
QQQ short term up-trend still intact–barely
QQQ is sitting on support. Mr. Market has not made up his mind about the short term trend. There were 186 new lows and 84 new highs on Tuesday.