The GMI remains at +6. There was minor deterioration in some indicators. However, the Nasdaq 100 stocks still appear to be stronger than the other large cap stocks. 59% of the Nasdaq 100 stocks rose on Thursday, compared with 32% of the S&P 500 stocks and 23% of the Dow 30 stocks. The QQQQ did trade above its channel line on Friday (see yesterday’s chart) but failed to close above it. I am closely watching for a high volume close of the QQQQ above the channel line, around 42.11. I would then consider buying the QQQQ’s.
Gert: Please get well soon; we miss you.
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