GMI still +5; GMI-S: 88; QQQQ getting stronger; Some new leaders?

The GMI was again +5, and very close to a maximum reading of +6.  This is because the QQQQ came back strongly.  It closed back over its 30 day average and the MACD had a bullish crossover.  One more up day will turn the Daily QQQQ Index positive.  The growing strength of the QQQQ is also reflected in the rebound of the short term GMI-S, to 88.  The longer term GMI-L is at a maximum 100.  Gmi0301_1 There were 276 new 52 week highs in my universe of 4,000 stocks and 34% of the stocks are within 5% of a 52 week high.  74% of the stocks that hit a new high ten days ago closed higher on Wednesday than they did ten days earlier.  Buying stocks at new highs 2 weeks ago has therefore likely to have been profitable.  79% of the Nasdaq 100 stocks advanced on Wednesday, along with 73% of the S&P 500 stocks and 83% of the Dow 30 stocks.  55% of stocks are in a short term up trend, the most since February 3.  69% of stocks are in a longer term up trend.  Wednesday was the 18th and maybe final day of the recent short term down trend in the QQQQ………

A number of stocks with recent quarterly earnings increases of 100% or more had large volume (at least twice their 50 day average volume) moves up today.  They include:  SPW, TER, ATHR, WIRE, ASEI, ASTSF, ASF, JOYG and CYBS.  I own some of these.  The Nasdaq 100 may be about to break out on the up side.  Given that the leaders of a new rise often are among the first stocks to break out, this list may be worth watching.

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

GMI: +5; GMI-S falls to 56; GLD

I am posting after the open today, so I will not opine about today’s market.  I only want to provide you with Tuesday’s closing stats. The GMI remained steady at +5, but the GMI-S fell to 56.  This drop occurred because the Nasdaq 100 short term indicators are all negative and because all of the other indexes closed below their 10 day averages.  Closing below the 10 day average is not a sign of huge weakness.  Gmi0228 Typically, consecutive closes above the 10 day average occur during sustained rises.  A stock or index can close below this average and still be in a sustained rise, just rising at a slower rate.  So, the decline in the GMI-S just indicates, for now, a slowing in the rise of these indexes.  A return above the 10 day  average by these indexes would indicate to me a resumption of a stronger short term up trend .  The GMI-L is still at 94, showing that all of these indexes remain in a longer term up trend.  On Tuesday, only 21% of the Nasdaq 100 stocks rose, along with 12% of the S&P 500 stocks and 10% of the Dow 30 stocks.  There were still 150 new highs in my universe of 4,000 stocks.  The percentage of stocks in a short term up trend rose to 53% , but the percentage that closed above their 10 day averages for the past four days declined to 38%, another indication of the slowing of the rises in these stocks……….

I have been buying the gold ETF, GLD, as it appears to have bounced off of its rising 30 day moving average.  In the recent past, such bounces have occurred at the beginning of profitable rises.  I always place a stop loss below the bounce to protect me against a decline.

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

GMI:+5; GMI-S: 88; QQQQ turning? Some strong stocks

Monday was another strong day.  74% of the Nasdaq 100 stocks rose, along with 61% of the S&P 500 stocks and 63% of the Dow 30 stocks.  There were 432 new highs in my universe of 4,000 stocks.  51% of the stocks are in a short term up trend and 71% closed above their 10 week averages.  Gmi0227 34% of stocks closed within 5% of their 52 week highs.  The GMI was +5, but the Daily QQQQ Index was too close to call.  One more up day will turn it definitely positive.  I therefore tentatively called Monday the sixteenth day in the QQQQ short term down trend.  The GMI is very close to turning +6.  The GMI-L is now a perfect 100 and the GMI-S is at 88.  A lot of stocks are turning up on high volume.  Check out: ALKS, MLNM, FIX, WIBC, PWR,  ECLP, CLZR, KG, REGN, ARNA, AMTD. A lot of biotech and drug stocks seem to be doing well.

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