The GMI remains at zero (of 6), but the more sensitive GMI-R has climbed to two (of 10). There were 36 new highs and 67 new lows in my universe of 4,000 stocks on Tuesday. The Worden T2108 indicator is up to 32%, in neutral territory. More promising is the fact that the QQQQ MACD is now above its signal line. In the past, this pattern has provided an early indication of a reversal of a down-trend. I am beginning to look at slowly accumulating QLD, the ultra long ETF for the QQQQ.
ETF
GMI: 0; GMI-R: 1; T2108: 21%; 28th day of QQQQ down-trend; QID: +14.7%
The GMI remains at zero while the GMI-R rose one, to 1. This is because there were 31 new highs and 30 new lows in my universe of 4,000 stocks on Monday. The Worden T2108 indicator rose to 21%, out of extreme bottom territory. Since I identified when this down-trend began, the QQQQ has declined 7.8%, and in that time, 81%of the Nasdaq 100 stocks declined, 39% declined by more than 10%. If I had simply bought the utra short QQQQ ETF, QID, and held it for the past 28 days, I would have made 14.7%. Why fight the tide when one can swim with it so profitably.
GMI: 0; GMI-R: 0; 23rd day of QQQQ down-trend; DGP
The GMI and GMI-R remain at zero. There were 29 new highs and 548 new lows in my universe of 4,000 stocks on Monday. Monday was the 23rd day of the current QQQQ down-trend. The Worden T2108 indicator remains at 11%. Gold remains strong; the Ultra long gold ETF is DGP.