Dr. Wish

The GMI remains at +6, as the Nasdaq 100 stocks begin to take off.  The fact that the leaders, GOOG and AAPL, appear to have ended their consolidations is a sign of strength.  76% of the Nasdaq 100 stocks have now closed above their 30 day averages, the largest percentage since  last December 2.  It is clear that the tech stocks have taken over the leadership of the market.  There were 370 new highs in my universe of 4,000 stocks.  Nevertheless, only 60-67% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Wednesday. 

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

Well, I told you that in the past that when I became so frustrated with my trading that I withdrew from the market, we were generally near a short term bottom in the market.  So, thank the "Wish" indicator for detecting the current rally.  The GMI remains at a maximum +6, and the GMI-S and GMI-L indicators are also strong.  We should have known that the market would rally into the release of first quarter earnings.  There were 270 new highs in my universe of 4,000 stocks and between 65-69% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Tuesday.  One half of all stocks are now above their 30 day averages and 69% are above their 10 week averages.  Tuesday was the sixth day (U-6) in the current short term QQQQ up trend….

I entered the Squawk Box stock trading contest; check it out. Maybe one of us will win a Maserati…….

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

The GMI remains at the maximum reading of +6.  There were 405 new highs in  my universe of 4,000 stocks. But with the sell off late in the session, only 43% of the Nasdaq 100 stocks advanced along with 54% of the S&P 500 stocks and 67% of the Dow 30 stocks.  Monday was the fifth day (U-5) in the current QQQQ short term up trend.  While the QQQQ is holding up, I am very concerned that many of my stocks have failed break outs.  In addition, the utility and housing stocks look very sick and toppy.  Long term interest rates are headed up.

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