With the GMI at 6, I am still willing to hold a small long position in QLD and several other stocks. Here comes second quarter earnings!
13th day of QQQ short term up-trend; jobs report Friday coming up
Be careful with the release of jobs report Friday morning. Market remains in up-trend, but we could get some quick weakness and then come back strong next week going into 2nd quarter earnings. The T2108 remains at 81%, a very high level. The rise in AAPL and GOOG masked weakness in the Nasdaq 100 stocks. Only 36% of them rose on Thursday.
12th day of QQQ short term up-trend; T2108, at 81% signals caution
The monthly chart of the T2108 below shows it to be near overbought territory. While the T2108 can stay up there for a while, it is worth noting that this pendulum of the market is close to as high as it ever gets, signified by the horizontal red line. Click on chart to enlarge.
