Month: February 2007

GMI: 5; GMI-S: 88; Split market

@ 12:01 am

This is a very split market with the Nasdaq 100 stocks being laggards.  Gmi0201 The GMI is still 5 and there were 461 new 52 week highs in my universe of 4,000 stocks.  But only 49% of the Nasdaq 100 stocks rose on Thursday, compared with 73-74% of the S&P 500 and Dow 30 stocks. GOOG has now fallen, along with RIMM and AAPL.   When the strongest stocks weaken, the rest of the market usually cannot keep rising.  But all of my short term indicators for SPY, DIA and IJR are positive.  Will the QQQQ follow or lead these other ETF’s?

Blogdisclaimer_7

GMI: 5; Turn coming?

@ 12:01 am

The GMI stayed at 5 today, but the GMI-S rose to 75.  Gmi0131_1 75-77% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Wednesday.  Wednesday was the 5th day in the current QQQQ down-trend.  Another up day in the QQQQ will turn that daily indicator positive. 56% of the Nasdaq 100 stocks are now above their 30 day averages.  However, if GOOG cannot rise after the good earnings it released Wednesday afternoon, it will be another sign of weakness in the leaders.  RIMM and AAPL have already rolled over.

See my disclaimers at the bottom of my previous post.