In spite of all of the negative news out there, the QQQQ still appears to be recovering, having completed its 21st day of a short term up-trend. There were only 11 new highs and 12 new lows in my universe of 4,000 stocks on Thursday. Still, 82% of the Nasdaq 100 stocks closed above their 30 day averages. I continue to hold QLD and to wait for option expiration next Friday when most of my cash-secured puts should expire worthless and profitable for me. Five stocks on my IBD 100 lists the past year hit a new high on Thursday: SHEN,BKR,ASEI,NCIT and VSEC. I own some of these. Remember, if this rally holds, the stocks that have come through the current huge decline so that they are at new highs may be some of the new market leaders. I don’t bottom fish. I look for rockets already heading towards the moon.