I usually focus on the QQQ to gauge the market because tech stocks are often among the growth leaders. I have never seen before a collapse in QQQ while the number of US stocks hitting new highs or all-time highs (ATH) was climbing. Note that T2108, which tracks NYSE stocks above their 40 day average of price, is at 61%. Only 20% of the 67 US stocks reaching an ATH today were on my growth stock watchlist!!! None were among the Nasdaq 100 stocks tracked by QQQ! This is very rare. I am out of the market now because I typically focus on stocks in the QQQ ETF. If I want to trade stocks now, I would have to focus on the many other stocks that are hitting ATHs. Here is a list of some of the US stocks that reached an ATH today that were not on my growth stock watchlist. Many of them were regional banks or in insurance. These are areas I would not normally invest in. Get the full list on my blog post at www.wishingwealthblog.com.
