Wishing Wealth Blog

The GMI is 6 and the GMI-S climbed to 81.  The trend is still intact and Thursday was the 83rd day of the QQQQ up-trend.  There were 389 new 52 week highs in my universe of 4,000 stocks.  85% of the Nasdaq 100 stocks rose, along with 79% of the S&P 500 stocks and 90% of the Dow 30 stocks.  70% of the IBD 100 stocks from 11/20 rose and 13 hit a new high.  RIMM rose nicely Thursday, but AAPL and GOOG lagged.

The GMI is still 6.   39% of the Nasdaq 100 stocks advanced on Wednesday, along with 50% of the S&P 500 stocks and 40% of the Dow 30 stocks. There were 266 new 52 week highs in my universe of 4,000 stocks. 47% of the stocks on the IBD 100 list from 11/20 advanced and only 8 of them hit a new high.    Wednesday was the 82nd day in the QQQQ up-trend.   AAPL and RIMM appeared to bounce off of major moving averages on Wednesday, but GOOG continued to weaken.   This market has yet to tip its hand.

The GMI is back to 6 but the GMI-S slipped to 63. Only 31% of the Nasdaq 100 stocks rose on Tuesday, along with 45% of the S&P 500 stocks and 43% of the Dow 30 stocks. Only 21 of the IBD 100 stocks from 11/20 advanced and 13 of them hit a new 52 week high.  Just 58% of the Nasdaq 100 stocks closed higher than their 30 day averages, down from 74% on November 24.  This market has still not tipped its hand.  However, the fact that the market leaders (AAPL, GOOG and RIMM) have all closed below their 30 day averages is a bad omen for the general market. Since the QQQQ peaked on 11/24, that index has fallen 1.9% and 59% of the Nasdaq 100 stocks have declined.