Wishing Wealth Blog

The GMI remains at +5, even as the QQQQ remains in a down trend.  There were 327 new 52 week highs in my universe of 4,000 stocks.  All indexes but the daily QQQQ index are positive.  The QQQQ is in its 10th day (D-10) of a short term down trend.  Some of the old leaders came to life on Thursday (GOOG +24.08; AAPl +1.35).  31% of stocks are now within 5% of their yearly highs………

A number of foreign banks have been especially strong:  BBD, UBB, CIB, ITU. Among Dow stocks, even GM, VZ, MRK and DIS appear to have turned up. 70% of the Dow 30 stocks are now above their 30 day averages, compared with 55% of Nasdaq 100 stocks and 63% of the S&P 500 stocks.

Please send your comments to:  silentknight@wishingwealthblog.com.

The GMI rose to +5 and most of the indexes have recovered.  All but the QQQQ are in short term up trends.  However, the GMI-L is at 94, indicating that all indexes, including the QQQQ, remain  in longer term up trends.  The failure of the QQQQ stocks to rise in the short term along with the other indexes causes me to be somewhat cautious.  But one should not fight the tape and the tape suggests that buying large and small cap (nontech?) stocks may be profitable.  68% of the Nasdaq 100 stocks rose Wednesday, along with 66% of the S&P 500 stocks and 60% of the Dow 30 stocks.  However, only 29% of the 4,000 stocks in my universe remain in short term up trends.  Still, there were 221 new yearly highs on Wednesday.  Wednesday was the ninth day (D-9) in the short term down trend in the QQQQ….

Among the stocks that hit a 52 week high on Wednesday, that have doubled in the past year and that have recent quarterly earnings increases of at least 70% are:  LMS, AIRM, KNDL, LDSH, ITRI, GES, ESRX, WDC, VSEC.  This list may be the place to look for future winners, if this rally is for real……

Please send your comments to:  silentknight@wishingwealthblog.com.

Tuesday’s rally took the GMI up two to +4.  The GMI-S rose to 50, with the Dow being the strongest indicator.  The GMI-L is at 94 reflecting the continuing strength in the longer term indicators.  There were 145 new highs in my universe of 4,000 stocks and 101 successful 10 day new highs.  The Daily SPY Index was too close to call.  Tuesday was the eighth day in the QQQQ short term decline (D-8).  90% of the Dow 30 stocks advanced on Tuesday, compared with 80% of the S&P 500 stocks and 65% of the Nasdaq 100 stocks.  In spite of the strength in the Dow 30 and S&P 500 stocks, the percentage of stocks in a short term up trend declined to  29%.  26% of stocks are now within 5% of their 52 week highs.  Only 4% of the stocks that have doubled the past year hit a new high on Tuesday.  It appears that the strength is coming in a different set of stocks than the recent leaders.