GMI: 6; some rockets and submarine stocks

The GMI remains at 6.   Only 46% of the Nasdaq 100 stocks advanced on Monday along with 39% of the S&P 500 and 33% of the Dow 30 stocks.   Gmi1120_1 55% of the IBD 100 stocks from 10/20 advanced and 24 of them hit new highs.   Thus, the tech growth stocks outperformed most other stocks yesterday.   There were 323 new yearly highs in my universe of 4,000 stocks. Monday was the 66th day in the current QQQQ up-trend (U-66).

A TC2007 scan of the market detected 59 rocket stocks.   The 5 biggest gainers among them on Monday were: IAAC, SIM, GROW,CNS and KNOT.   The biggest losers among the 38 stocks that showed up in my submarine scan were: SIE, ADM, LMS, CMX and CVS.   MHS and WAG are two other drug store stocks that are diving submarines. The GMI is too strong, however, for me to go short these declining stocks.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.