Stock Market Technical Indicators & Analysis
The GMI is still 6 and 60-67% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Wednesday. 
There were 356 new yearly highs in my universe of 4,000 stocks. Only 58% of the stocks on the IBD 100 list from 11/20 advanced on Wednesday. Wednesday was the 68th day in the current QQQQ up-trend and the 15th week that the QQQQ has closed above its 10 week average.
I do not often recommend individual stocks, but after the close on 10/4, I wrote: "I am riding high with the QLD, a ProShares ETF that moves twice as much as the QQQQ, which it mimics. I am also holding IAI, an ETF of U.S. brokerage stocks, a group that typically rises in bull markets when trading volume expands. Why not own a piece of the casinos. Other stocks that came alive today include RIMM, and finally GOOG, both of which I own." Since I posted the above on 10/4, QLD has increased +15%, IAI is up +8%, GOOG is up +22% and RIMM is up +27%. One did not have to catch the bottom in August to profit from this rise. Contrary to what many pundits claim, there is plenty of time to catch the train after it has left the station……
The GMI is still at the maximum reading of 6. On Tuesday there were 275 new yearly highs in my universe of 4,000 stocks. 53% of the Nasdaq 100 stocks rose, as did 54% of the S&P 500 stocks and 43% of the Dow 30 stocks. 63% of the stocks on the IBD 100 list for 11/20 advanced on Tuesday. 73% of the Nasdaq 100 stocks closed above their 30 day averages, well below the peak of 88% reached on 10/16. 76% of the stocks in my universe closed above their 10 week averages, also below the peak of 83% reached on 10/16. October 16 was the last short term peak in the QQQQ. So, it looks like this rally has more to go before these two indicators reach the heights attained when the market hit a minor peak in mid-October.
The GMI remains at 6. Only 46% of the Nasdaq 100 stocks advanced on Monday along with 39% of the S&P 500 and 33% of the Dow 30 stocks. 
55% of the IBD 100 stocks from 10/20 advanced and 24 of them hit new highs. Thus, the tech growth stocks outperformed most other stocks yesterday. There were 323 new yearly highs in my universe of 4,000 stocks. Monday was the 66th day in the current QQQQ up-trend (U-66).
A TC2007 scan of the market detected 59 rocket stocks. The 5 biggest gainers among them on Monday were: IAAC, SIM, GROW,CNS and KNOT. The biggest losers among the 38 stocks that showed up in my submarine scan were: SIE, ADM, LMS, CMX and CVS. MHS and WAG are two other drug store stocks that are diving submarines. The GMI is too strong, however, for me to go short these declining stocks.