Note the closes (blue dotted line) are now consistently above the 12 moving averages, leading them all higher. I am riding TQQQ on this growing up-trend.
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Blog: Day 5 of $QQQ short term up-trend; 52 US stocks out of 6,536 (<1%) reached an ATH on Tuesday; The most were biotechs (8), followed by Regional banks (4) and Oil & Gas Equipment and Service (4). See list of biotechs below.
The 52 stocks trading at an ATH represent less than 1% of US stocks and are therefore showing incredible relative strength. The list of biotechs appears below. Note the next earrings dates and the last column, today’s close divided by the close 250 days ago. Five have more than doubled from a year ago. AVLN and TRAX did not have a value because they were not publicly traded 250 days ago. These companies are worth investigating.
Blog: Day 2 of $QQQ short term up-trend; GMI turns Green! Slowly adding TQQQ, but will be more confident and invested if/when we reach Day 5 of the new up-trend. QQQ also remains in a Weinstein Stage 2 up-trend.
The technical signal that got me out of the market in 2000 and 2008 was when QQQ closed below its 30 week average and that average curved down. That is obviously not the case right now. I sometimes have to grit my teeth, hold my breath and follow the trend shown in my charts. If the 4wk average turns up and climbs back above the 10wk average the market will be in great shape. A strong advance has weekly averages lined up with 4wk>10wk>30wk, as was the case last May. But the Iran war events could upset everything again. Stay tuned……
