GMI: 6; Leaders strong; FTO

The QQQQ is in the 41st day of its up-trend and the leaders are strong.  There were 455 new 52 week highs in my universe of 4,000 stocks.  Gmi0531 The QQQQ and SPY have closed above their 10 week averages for ten straight weeks.  Many  stocks are strong and have broken out.  Still, gloom and skepticism are abundant and many pundits do not embrace the current up-trend.  This market is climbing the proverbial "wall of worry."  Leaders like RIMM, AAPL and GOOG are rising.  Many stocks are breaking out, especially energy stocks.  One stock I noticed the other day is FTO, which rose ten fold between 2004-2006 and then consolidated for 10 months. FTO recently broke out to an all-time new high. Fto  (See monthly chart below.) I bought the stock and have written covered calls on it which are due a week from Friday.  I am currently 100% long on stocks in my IRA.  I have learned yet again the value of flying on instrument and not by my emotions.  Each time the market appeared to be weakening, it has held the support levels I monitor.


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