GMI still +5; GMI-S: 88; QQQQ getting stronger; Some new leaders?

The GMI was again +5, and very close to a maximum reading of +6.  This is because the QQQQ came back strongly.  It closed back over its 30 day average and the MACD had a bullish crossover.  One more up day will turn the Daily QQQQ Index positive.  The growing strength of the QQQQ is also reflected in the rebound of the short term GMI-S, to 88.  The longer term GMI-L is at a maximum 100.  Gmi0301_1 There were 276 new 52 week highs in my universe of 4,000 stocks and 34% of the stocks are within 5% of a 52 week high.  74% of the stocks that hit a new high ten days ago closed higher on Wednesday than they did ten days earlier.  Buying stocks at new highs 2 weeks ago has therefore likely to have been profitable.  79% of the Nasdaq 100 stocks advanced on Wednesday, along with 73% of the S&P 500 stocks and 83% of the Dow 30 stocks.  55% of stocks are in a short term up trend, the most since February 3.  69% of stocks are in a longer term up trend.  Wednesday was the 18th and maybe final day of the recent short term down trend in the QQQQ………

A number of stocks with recent quarterly earnings increases of 100% or more had large volume (at least twice their 50 day average volume) moves up today.  They include:  SPW, TER, ATHR, WIRE, ASEI, ASTSF, ASF, JOYG and CYBS.  I own some of these.  The Nasdaq 100 may be about to break out on the up side.  Given that the leaders of a new rise often are among the first stocks to break out, this list may be worth watching.

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