GMI: 4; GMI-R: 7; mainly in cash

@ 12:01 am

The GMI fell to 4 (of 6) and the GMI-R to 70%.  There were 98 new highs and 190 new lows in my universe of 4,000 stocks on Wednesday. Gmi1024  The QQQQ trend remains up in the face of weakness in the DIA, SPY and IJR.  Wednesday was the 39th day in the current QQQQ short term up-trend.  However, only 48% of the Nasdaq 100 stocks closed above their 30 day averages and only 32% of them rose on Wednesday.  With the GMI at 4 and the market so split, I am content to remain mainly in cash for a few more days.

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GMI: 5; GMI-R: 9; techs shine

@ 12:01 am

The GMI rose to 5 (of 6) and the GMI-R to 90%.  There were 123 new highs in my universe of 4,000 stocks and 81 new lows on Tuesday.  While the SPY (and DIA) remain technically weak, the tech stocks, as reflected in the Nasdaq 100 index, remain very strong.  The tech leaders, AAPL, RIMM, GOOG, ISRG and AMZN were all big winners on Tuesday.  I retained my position in QLD and will begin to write covered calls on IBD100 stocks later this week. 

GMI: 3; GMI-R: 6; All eyes on AAPL

@ 12:19 am

The GMI fell to 3, and there were 267 new lows in my universe of 4,000 stocks and only 43 new highs.  The QQQQ indicators remain positive.  In fact the GMI-R rose to 6, reflecting the strength in the QQQQ.  Let’s see if AAPL can hold last night’s extended market gains.  If it can’t, the QQQQ may follow the other indexes down.