Second day of new QQQQ short term up-trend
There were 7 new highs and 162 new lows in my universe of 4,000 stocks on Thursday. Only two of the stocks on my IBD100 lists hit a new high on Thursday: SXCI and HMSY. But the QQQQ was strong, and now 67% of the Nasdaq100 stocks closed above their 30 day averages, the most since January 9th. The GMI remains at one and the GMI-R at four. I do not know how long this up-trend will last but it pays to watch it closely. I have a very small position in QLD, the Ultra long QQQQ ETF, and will add to it if the trend continues. If the QQQQ up-trend fails, I will be stopped out with a small loss. The key is to keep doing this until I catch a real up-trend. I have learned from other bear market bottoms that when I give up in disgust, I miss the real turn.
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Maple added these pithy words on Fri, 2-6-09 at 1:06 amTotal put/call ratio is at 0.75.
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