The GMI fell to +2, with the initiation of a possible new short term down trend in the QQQQ. 48% of the Nasdaq 100 stocks rose on Thursday, along with 54% of the S&P 500 and 63% of the Dow 30 stocks. However, there were only 80 new highs and 49 new lows in my universe of nearly 4,000 stocks. 39% of the stocks in my universe and 78% of the IBD 100 stock list on 5/15 are in a bullish stage 2 up trend. However, 83% of my universe of stocks (93% of the IBD 100 list) closed above their MACD signal line, suggesting an upward trend in most stocks. Only 55% of the IBD 100 stocks from 5/15 advanced on Thursday compared with 58% of my universe of stocks. Only four of the IBD 100 stocks from the list on 5/15 hit a new high: EZPW, HOC, HANS and PMTI. Only 31 of the IBD 100 stocks from 5/15 closed higher Thursday than they did on 5/15. The market has not yet tipped its hand. I think this is a time for staying in cash.
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