GMI: +5; QQQQ continues decline

The GMI remains at +5 amid weakness in the market averages.  Gmi0223 Only 37% of the Nasdaq 100 stocks advanced on Thursday, along with 35% of the S&P 500 stocks and 13% (4) of the Dow 30 stocks.  Still, there were 323 new 52 week highs in my universe of 4,000 stocks and the percentage of stocks in a short term up trend rose to 45%.  The QQQQ is in the fourteenth day of the short term decline (D-14). So many of the Nasdaq big name stocks are getting hit:  ESRX (-5.65%), RIMM (-4.94%), SNDK, (-2.58%), Dell (-2.25%) and AMZN (-2.12%).   Since January 11, the QQQQ has declined 4.77% and 61% of its component stocks have declined.  The biggest losers, falling 19% or more include:  JNPR, GOOG, YHOO, EXPE, INTC, ATVI, SNDK, XMSR and ISRG.  As long as the QQQQ fails to join the up trend in the SPY and DIA, there will be many more rude surprises in the tech stocks.

Please send your comments to:

Leave a Reply

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