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The GMI remains at +5 today. There were still less than 100 (68)successful 10 day new highs–each exceeding its closing price of 10 days ago when its intra-day high set a new 52 week high. There were 161 new highs in my universe of 4,000 stocks and 21 new lows. About half (51%) of the Nasdaq 100 stocks rose, 54% of the S&P 500 stocks and 43% of the Dow 30 stocks. These statistics are much better than Friday’s but far lower than those we have become accustomed to seeing during this rally. Today marked the 21st day in the QQQQ rally (U-21).
In spite of the moderate market figures, my favorite stocks did great today with many of the stocks I have been discussing hitting new highs or rising (CME, GOOG, SHLD, NDAQ, MW, CRYP, ORCT, BOOM).
My son started his summer basketball league this evening and I got home late. I am very tired. So, I guess I will sign off now. As far as I can tell, the market remains in a firm upward trend. I hope you are also profiting from this first real rally of 2005.
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Please remember that the stock market is a risky place, especially now. I am not providing recommendations for you to follow. My goal is to share tools and methods that I have used over the past 40 years of trading, so that you may learn from them and adapt them to your trading style and needs. While I do my best, I do not guarantee the accuracy of any statistics computed or any resources linked to my blog. Please consult with your financial adviser and a mental health practitioner before you enter the stock market, and please do not take unaffordable risks in the current market environment. See the About section for more statements designed to protect you (and me) as you navigate this market. Past performance does not guarantee future results, but I would rather learn from a former winner than a loser.