General Market Index (GMI) table

10th day of QQQ short term up-trend: OSIS: RWB rocket stock

@ 7:00 am
GMI5/6
GMI-26/9
T210875%

All three indexes are now in RWB weekly up-trends.   Below is the weekly GMMA for the Nasdaq Comp Index;   it is the same pattern as the QQQ, DIA and SPY. It looks like the markets are breaking out to a new solid up-trend.

This is consistent with the strong GMI and GMI2 shown in the table below. The QQQ and SPY have closed above their 10 week averages for 7 weeks.   The Worden T2108 is high, at 75%, but not in overbought territory. Over 80% of the Nasdaq 100 stocks closed with their MACD above their signal line, an indication of short term strength.

Below is a list of stocks hitting 52 week highs on Friday and having good fundamentals:

ASH, LKQ, SBS, DTV, PSS, OSIS, MLNX and VRSN.   I could not resist posting mid-day Friday about OSIS .   It is breaking out of a green line base to an all-time high.   This weekly GMMA chart of OSIS shows it is a RWB rocket stock.

 

 

 

 

 

 

 

 

 

 

 

 

 

GMI rebounds to 5; can market hold? SSYS, SRCL green line charts

@ 7:00 am
GMI5/6
GMI-24/9
T210874%

The GMI has rebounded to 5 (of 6) and if it holds on Monday, the GMI will give a buy signal.   The market has been   erratic and IBD switched to “market in a confirmed up-trend” last last week.   I closed out my shorts and have made a few buys. This could merely have been end-of-month buying and it will be interesting to see if August will hold the gains. After earnings are out, the market often calms down until the beginning of the next quarter’s earnings announcements, sometime in late October or November.   Remember, the Sell in May slogan says to buy back into the market around Halloween……

I introduced green line charts last week. I scanned for stocks hitting a new high Friday and created green line charts for most of them.   I am looking for a stock that hit a 52 week high and is breaking out of a multi-month base towards an all-time high.     An example of what I am looking for is shown in this monthly green line chart of SSYS. This stock is probably worth researching. One important factor to look for is the next earnings release date. Click on chart to enlarge.

 

 

SRCL is one of those stocks hitting a 52 week high that is just below its green line top ($95.71).   I placed an alert in TC2000 to tell me if SRCL trades above 95.