Exit the current BGZ trade today before the close if possible. The current price is 56.50 which I will use for the blog exit price.
The short-term model is not oversold, but the small decline the last few days has been so slow and choppy, that it seems very unlikely that the short-term trend has shifted to down yet. That means I think it is more likely for another high above the recent highs to be made before a potential top is in.
Best case scenario is that there will be another high and we can get back in BGZ at a better price with a small gain already under our belt. Worst case scenario I think is that we get in BGZ at a little worse price a few weeks down the road, but closer to a potential "breakdown" point in the market.
No changes for the QID trade as the short-term model is basically neutral right now.
Pete
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glad to see you are thinking the same. i had been hoping for a bigger down confirmation to develop too, but wasn't seeing it, and thus have been instead trading in and out of both bgz & qid after you recommended the trades. thanks for the update.
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