Posted Wednesday, January 18, 2006 @ 12:01 am by Dr. Wish

GMI: +6; Market mixed

While the GMI remained at +6 on Tuesday, the market action was mixed.  Only 30% of the Nasdaq 100 stocks, 31% of the S&P 500 stocks and 17% of the Dow 30 stocks advanced. Gmi0116_1 But there were 174 new yearly highs in my universe of 4,000 stocks, 20 more than on last Friday. And while 4% of my universe of stocks hit a new high, 20% of the stocks that have doubled in the past year hit a new high on Tuesday.  Most of these new high "doublers" were energy related stocks that had been so strong in 2005.  Thus, the strong appear to be getting stronger, even in a declining market.  Tuesday was the eighth day of the QQQQ up trend (U-8).

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