New QQQQ short term up-tend? IBD100 stocks at new highs
The Nasdaq 100 Index, as measured by the ETF, QQQQ, looks as if it started a new short term up-trend. However, with the key moving averages being flat, I don’t trust these signals yet. But I remain vigilant for signs of a turn. There were 9 new highs and 107 new lows in my universe of 4,000 stocks on Wednesday. Interestingly, 60% of the Nasdaq 100 now have their MACD close above its signal line, the most since January 9th. A rise of the MACD above its signal line often occurs before a trend turns up. Four stocks at new highs were on my IBD100 lists: HMSY,MYGN,SXCI and CEPH. These stocks should be watched for possible leadership in a sustained rally. Meanwhile, the GMI and GMI-R increased on Wednesday. I prefer the GMI to be above 3 before I take large long positions. I remain mainly in cash.
Comments ( 2 )
Maple added these pithy words on Thu, 2-5-09 at 1:38 amNo 8/34 EMA cross on the QQQQs yet; CSCO earnings and Chambers’ forward guidance tonight likely not much help for a corrective move tomorrow.
Joseph added these pithy words on Thu, 2-5-09 at 10:53 amMYGN will not skyrocket until it comes down to fill the gap 72-79! In this zig-zag market, do you find any cup-handle that holds water?…because I don’t!
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