There is a GGT meeting Saturday, May 14, at the Great Falls Public Library, 10 a.m. I will work to see if it can be broadcast via WebEx or equivalent. Stay tuned.
There will be no blog entry early for Tuesday, May 3rd, as I will be traveling late Monday to the west coast (Washington).
- Despite the markets advancing (somewhat) on Friday, the GGT price index fell on average volume, indicating that filtered, higher-quality stocks (above $1, above $1Msh dollar-volume, three primary exchanges) actually saw some profit taking. In the present climate this is healthy, but we need to watch for any sustained pullback.
- The 5d and 8d slopes of the pricing moving averages have dived negative, while everything longer than the 8d is still very positive. This in general is bullish.
- My price accumulator change oscillator, which tells me if due to price changes the market has moved too fast, is indicating that we have favorable reward/risk characteristics for Monday, May 2nd. The value is -14, the lowest it can go.
- The GGT strength indicator is contrasting with the oscillator, and is at a value of 0.812. This is slightly overbought (anything over ~ 0.8) and indicates we could see a pullback in the next few days.
- Both short-term timers, the LCR Change Timer and the LCR VTI timer, are LONG, and have been since 4/20 and 4/21 respectively.
- The Elder intermediate-termed Force Index timer is LONG, and has been since 4/27 close.
- Despite prices dropping on Friday, the Long-Cash Ratio, which is a measure of price-volume participation of all stocks in the database, rose another 12%. This is bullish and says we should be long in the market.
- The slope of the LCR moving averages are all positive, which is extremely bullish.