The up-trend continues, now in its 30th day. There were 26 new highs and 6 new lows in my universe of 4,000 stocks on Wednesday. Fourteen of the 26 stocks were on my IBD100 lists: CPSI, HANS, PTRY, CERN, BJRI, AAN, QSII, SHOO, JJSF, ICUI, JOSB, NTES, FIZZ and GMCR. TSYS, a stock I have repeatedly mentioned, also hit another new high. It’s time to ride the trend, not fight it.
Month: April 2009
Rally remains in place; Technicals are strong; T2108: 90%
Friday was the 27th day of the current QQQQ short term up-trend. There were 10 new highs and 6 new lows in my universe of 4.000 stocks on Friday. Three of the ten new highs were on the IBD100 lists from today’s edition: STAR, HANS and JJNF. Since the first day of the QQQQ uptrend (by my definition) on 3/18, the QQQQ has climbed 13%, the Ultra long QQQQ ETF by 28%, and the SPY by 8%. During this same period, 84% of the stocks in the Nasdaq 100 Index (measured by the ETF, QQQQ) have advanced, with one third advancing 20% or more. The key to successful trading on the long side is to have the relevant index in an up-trend.
Market rally continues; 25th day of QQQQ up-trend
There were 16 new highs and 7 new lows in my universe of 4,000 stocks on Wednesday. Six stocks on my IBD100 lists from the past year reached new highs: AZO, GMCR, JOSB, FIZZ, QSII and LFT. The QQQQ up-trend continues, now in its 25th day. Stay with the trend and ignore the pundits’ prognostications.