GMI: +5, GMI-S: 63; QQQQ still weak; Some possible winners

The GMI rose to +5 and most of the indexes have recovered.  All but the QQQQ are in short term up trends.  However, the GMI-L is at 94, indicating that all indexes, including the QQQQ, remain  in longer term up trends.  Gmi0215 The failure of the QQQQ stocks to rise in the short term along with the other indexes causes me to be somewhat cautious.  But one should not fight the tape and the tape suggests that buying large and small cap (nontech?) stocks may be profitable.  68% of the Nasdaq 100 stocks rose Wednesday, along with 66% of the S&P 500 stocks and 60% of the Dow 30 stocks.  However, only 29% of the 4,000 stocks in my universe remain in short term up trends.  Still, there were 221 new yearly highs on Wednesday.  Wednesday was the ninth day (D-9) in the short term down trend in the QQQQ….

Among the stocks that hit a 52 week high on Wednesday, that have doubled in the past year and that have recent quarterly earnings increases of at least 70% are:  LMS, AIRM, KNDL, LDSH, ITRI, GES, ESRX, WDC, VSEC.  This list may be the place to look for future winners, if this rally is for real……

Please send your comments to:

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.