Market encounters serious technical weakness

@ 7:09 pm
GMI2/6
GMI-21/9
T210856%

The GMI has declined to 2 and could signal a Sell if it remains below 3 on Monday. I am ready to lighten up my position in TQQQ.   In contrast to the QQQ, the SPY and DIA remain stronger.   AAPL may be   major reason why the QQQ has weakened, but it is noteworthy that the IBD mutual fund index is now below it 50 day average.   This is a component monitored in the GMI. It means that the growth mutual funds tracked by the IBD index are not doing well. If they cannot do well, neither can I.

(Mongoose, Gilead, Bruno,   I will miss your astute comments and hope you are reading my blog from heaven.)

12th day of QQQ short term up-trend; AMGN all-time high

@ 7:00 am
GMI5/6
GMI-24/9
T210863%

I ran my TC2000 New High and Good Fundamentals Scan Wednesday night and it came up with 7 stocks.   AMGN was one of them and when I drew my green line chart, I was surprised to learn that AMGN has broken to an all-time high.   It recently broke through the top it made in 2005.   AMGN may be worth researching.   Look at this monthly green line chart. I actually wrote about AMGN in my July 31 post as it came close to breaking out.