Up-trend continues. Below is my scan of stocks with good earnings that hit new highs on Monday. These are the 10 with recent quarterly earnings up at least 70%. I own some of these. Click on to enlarge.
Stock Market Technical Indicators & Analysis
The weekly chart usually provides me with a better picture of the market’s main trend. The weekly chart of the QQQ below clearly shows that this index has been in a Stage 2 up-trend. Note that the index is well above its rising 30 week average (red line). As long as the major indexes show this pattern, I remain 100% invested in my primary university pension accounts. All of the major indexes I follow (QQQ, DIA and SPY) are in Stage 2 up-trends.
You can also see from this chart all of the recent GMI buy/sell signals. The GMI has been on a Buy since July 5.
The table below shows the components of the GMI and the GMI2. I have revised the GMI2 by adding two new indicators (7 and 8) that I want to monitor. I use the GMI2 to keep me focused on this set of 8 very technical indicators and not for specific buy/sell signals. Note that the GMI2=8, which means that all of its indicators are positive.
GMI is back to 4 and it looks to me like the QQQ short term up-trend is intact. I started buying TQQQ again. This market has had a lot of opportunities to decline but has held—for now. I am slowly going long again.