GMI: +6; End of year rally

The GMI reached the maximum+6 Wednesday.  There were 235 new highs and 45 new lows on Wednesday.  Gmi1102_1 There were only 31 successful 10 day new highs but this represented 62% of the 50 stocks that hit a new high ten days ago.  Given the strength in the rest of the market, I called this index positive.  Almost one half (48%, +11) of the 4,000 stocks in my universe closed above their 10 week averages.  82% of the Nasdaq 100 and S&P 500 stocks advanced on Wednesday, along with 77% of the Dow 30 stocks.  78% of the stocks that have doubled in the past year are now above their 30 day averages, an increase of +13.  The strongest stocks over the past year are recovering faster than the rest of the market.  The strong grow stronger.  Twice as many stocks are now within 5% of their new highs than their new lows (19% vs. 9%).  The end of year rally has begun.

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