Indexes continue to strengthen. However, my webmaster has the sign colors wrong. Please ignore them for now.
7th day of QQQ short term up-trend
The QQQ closed below its 30 week average, not a good sign. AAPL accounts for a lot of this weakness. But the GMI remains on a buy signal, so I am still holding a long position. When the market has been scary, people go back into the blue chip stocks in the DIA or SPY first. Once they have profits they move back into the more speculative tech stocks. It remains to be seen whether the tech stocks will lead the other stocks down.
Facebook and technical analysis
For weeks I have been writing about the strength in Facebook (FB) stock, purely based on the technicals. And now today they announce it will be added to the Nasdaq 100 (QQQ) index this month. Our technical analysis had detected the silent accumulation of the insiders and allowed me to jump on board with them! I am holding FB long term.