The GMI turned to 5 and one more day could change the latest signal to a buy. Meanwhile I closed my short position on GLD, as the metal strengthens. GLD has now closed back above its 30 day average.
IBD says market in up-trend; GMI: 3
According to IBD, the market correction is over. However, while the GMI2 rose to 5, the GMI remains at 3 (of 6). By my definition, the QQQ is still in a short term down-trend. The QQQ must show more strength for the GMI to signal a buy signal. For now, I have a very small short position in the QQQ and GLD.
7th Day of QQQ short term down-trend; Watching AAPL for clues
Now that AAPL beat earnings, we need to see if it can hold its strong open on Wednesday. If AAPL can’t hold I maybe should sell in May and go away! Too many leaders have already broken down. All of these have faltered: CMG, BIDU, GWW, NFLX, PNRA, VMW, RL, PCLN, GOOG, BLK. Only 13 of the Dow 30 stock have now closed above their important 30 day averages. I remain in cash and short GLD.