GMI: +5; markets still want to go up

In spite of all of the problems in the U.S. economy with rising commodity prices, the markets remain in an  up trend.  Gmi0421 Only 18% of the Nasdaq 100 stocks rose on Friday along with 42-43% of the S&P 500 and Dow 30 stocks.  But there were still 407 yearly highs in my universe of 4,000 stocks.  63% of stocks closed above their 10 week averages.  The GMI-L remains at 100, indicating that stocks remain in a longer term up trend.  The QQQQ completed its fourth weekly close above its ten week average and Friday was the eighteenth day in the QQQQ short term up-trend (U-18).  It seems to me this up trend in the major market indexes may last until earnings are out.  And then that often under-performing May-October period begins for the market.

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