The GMI is still at 5 and the GMI-S is 100, indicating that all of my short term indicators for four primary stock index ETF’s (SPY, DIA, QQQQ, IJR) are positive. 53% of the Nasdaq 100 stocks advanced on Tuesday, along with 63% of the S&P 500 and 67% of the Dow 30 stocks. There were 183 new yearly highs in my universe of 4,000 stocks and only 21 new lows. 59% of stocks are in an up-trend, up from 15% on July 14. Tuesday was the eighth day in the current QQQQ up-trend.
Did you know there are relatively new ETF’s that allow one to bet on twice the percentage move of major indexes and that these ProShares ETF’s just surpassed a million share day? If we think the QQQQ train is moving up, we can jump on QLD and travel at twice the speed of the index. But remember, QLD can move twice as fast in both directions……..
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