Stock Market Technical Indicators & Analysis
GMI and GMI-2 remain at 6 (of 6). While the Worden T2108 is high, at 84%, this up-trend still looks strong. I am 100% invested in mutual funds in my university pension. My trading accounts hold long positions. I am gradually accumulating index ETF’s. The GMI buy signal has been in place since December 23rd. Since that day, the QQQ has advanced +6.6%, the QLD is up +13.5% and the TYH is up +19.5%.
With the Worden T2108 at 83% and 95% of the Nasdaq 100 stocks closing above their 30 day averages, I am reluctant to take on more long positions now. I am selling calls on long positions and waiting for a drop to support to increase my long positions. Longer term up-trend is up but I suspect we are in for the usual post-earnings release lull.
Stocks are breaking out and showing a lot of strength. Only cloud on the horizon is the T2108, now at 83%, an overbought level where tops tend to occur. Fifteen stocks showed up on my Darvas scan:
VHI,EXXI,AREX,CLR,FICO,AE,TNH,ZOLL,JAZZ,FARO,DXPE,ALXN,URI,WCG,RGR
All but WCG are near all-time highs. They have great technical strength and recent earnings and are up at least 80% from their 52 week lows. This weekly GMMA chart of CLR shows it is breaking from a base to new highs and is an RWB rocket stock. Click on chart to enlarge.
