Dr. Wish

The GMI remains at +5.  The QQQQ remains the weakest indicator of the three.  Only 40-45% of the stocks in the QQQQ, DIA and SPY advanced on Wednesday.  There were 249 new highs in my universe of 4,000 stocks.  44% of stocks are in a short term up trend.  Wednesday was the third day in the current short term decline in the QQQQ………….

Please send your comments to:  silentknight@wishingwealthblog.com.

The GMI declined one to +5, as the QQQQ weakened.  Tech stocks continue to underperform, with serious declines in some biotechs.  53% of the Nasdaq 100 stocks advanced on Tuesday, compared with 65% of the S&P 500 stocks and 77% of the Dow 30 stocks. Still, 275 stocks hit new highs.  The GMI-S fell to 69, primarily because of weakness in the QQQQ’s short term indicators.  BBH and DNA continue to weaken.

Please send your comments to:  silentknight@wishingwealthblog.com.

GMI is still at the maximum of +6, and all indicators are about the same.  The QQQQ has closed above its 10 week average for five consecutive weeks, a strong sign of strength.    Almost one half (48%) of the 4,000 stocks in my universe are in a short term up trend and 59% are in a longer term up trend.  With the leaders, GOOG and AAPL, showing signs of renewed strength, this market may have more to go on the up side.  Friday was the 23rd day in the current short term up trend in the QQQQ.  Between 39-47% of the stocks in the QQQQ, SPY and DIA climbed on Friday. There were 238 new yearly highs.  Still, 30% of stocks closed within 5% of a yearly high…..

I bought back AAPL a few days ago.  The stock is above its 30 day average (red line) which is gradually reversing to the up side.  AAPL survived a retest of the average last week. I have seen this reversal pattern succeed many times.  Note the high volume spikes (highlighted in yellow) on up days during the past few weeks.  Note also that the ten day average (dotted line) has crossed back above the 30 day average.  As long as AAPL stays above its 30 day average, I will continue to hold onto it……………………

Please send your comments to:  silentknight@wishingwealthblog.com.