Posted Tuesday, March 24, 2009 @ 10:48 pm by Dr. Wish
5th day of QQQQ short term up-trend; IBD100 new highs
The GMI is at 2 (of 6) and the GMI-R is at 6 (of 10). The QQQQ completed the 5th day of its short term up-trend. This is a counter-trend rally, with the long term trend remaining down. Still, this is a trade-able rally as long as it lasts. There were more new highs than lows (11 vs 8) in my universe of 4,000 stocks on Tuesday. Amazingly, 7 of the 11 new highs are stocks that were on my IBD100 lists from the past year: NFLX, GMCR, CPSI, TNDM, ROH, SGP and QSII. I own some of these, along with QLD. There is no way to know how long this rally will last, but it is nice to own a few rising stocks again.
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