Indicators

• GMI: 6/6
• GMI-2: 3/9
• T2108: 55%

Indicators

• GMI: 6/6
• GMI-2: 7/9
• T2108: 51%

Maybe interest rates are going higher? More money for banks? Today was Day 2 of the new QQQ short term up-trend. I do not know if it will last with the turn away from tech stocks. Happy and safe 4th!

Indicators

• GMI: 6/6
• GMI-2: 7/9
• T2108: 51%

I have written before that about 40% of QQQ short term down-trends do not last 5 days. I therefore buy a little SQQQ on Day 1 and wait to see if the down-trend continues. I sold SQQQ and bought some TQQQ today and will accumulate more if the new up-trend continues. New short term up-trends are more often likely to continue. Remember, when a new short term up-trend begins it seems unreasonable and it is psychologically difficult to bet on it. Time will tell. But many of these up-trends last 50 or more days and give me plenty of time to get on board. QQQ needs to break through its recent tops to all-time highs. And 2nd quarter earnings are coming.

Indicators

• GMI: 4/6
• GMI-2: 3/9
• T2108: 52%

The growth stocks that drove this market  higher are now faltering. The Mag 7 stocks are in decline, as shown by their ETF, below. On the other hand, there were 364 new 52 week highs among US stocks on Friday, the most since last February. I suspect the growth stocks have had their ride and the remaining stocks are topping out now. They usually shoot the generals first. I suspect we might see one last market rise when second quarter earnings come out, at least among stocks who report great earnings. When growth stocks that report great earnings don’t go higher, it is a sign of danger. And the Fed may be about to raise rates.  I own a little SQQQ and GLD, which recently bounced from very oversold, see chart.

GLD has bounced from its bottom 15.2 Bollinger Band and also had a blue dot, oversold bounce.

The GMI=4 but the 10.4  weekly stochastic is now below 80.

Indicators

• GMI: 4/6
• GMI-2: 3/9
• T2108: 48%

We had many US stocks at 52 week highs and at ATHs on Thursday. But QQQ and SPY are weakening.The daily Guppy chart shows the lateral movement in QQQ, compared with the nice prior up-trend. In early July, when 2nd quarter earnings  come out we may see a rise, or we may not. Just in case, I nibbled at SQQQ. Time will tell.

Indicators

• GMI: 5/6
• GMI-2: 4/9
• T2108: 45%

Gray line shows close. A close below 4 wk is first sign of weakness. Let’s see if 10 week average holds. We may be in the post earnings release weakness  period which might end in July with the 2nd quarter  earnings period.

Indicators

• GMI: /6
• GMI-2: /9
• T2108: %

I must fly by instrument and the instruments say the trends are up.

Indicators

• GMI: 6/6
• GMI-2: 7/9
• T2108: 50%

I am back from a short trip. During that time the QQQ short term up-trend ended after 43 days, then began a 2 day down-trend and then started a new up-trend on Friday.  As difficult as it is for me to accept, my instruments are strongly positive. I fly by instrument. It is time to be invested long and I may buy a little TQQQ. By the way, the Mag 7 stocks do not look strong. Their daily RWB up-trend is over, see chart.

Here is the GMI table.

The MAGS no longer has a daily RWB up-trend. The ETF closed below all of the 12 daily averages.

Indicators

• GMI: 4/6
• GMI-2: 3/9
• T2108: 44%

I will post again this weekend.  Best for me to stay out now until this volatility settles down. I am a chicken.

Indicators

• GMI: 6/6
• GMI-2: 5/9
• T2108: 43%

The GMI remains GREEN at 6.