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.Meanwhile, the GMI is back to 5 (of 6). We will have to wait for a while to have 100 stocks hitting 52 week highs. Too many stocks are way down from their highs. Nevertheless, there are a few stocks that are trading near their all-time highs: QSII, HGG, SNDA, NTES,MV, ARST, GMCR,TNDM, AAN, ROST, ORLY, AZO, GOLD, NFLX. I would look among these stocks for the new leaders.
Meanwhile, the Worden T2108 Indicator remains at a high of 90%. I
n past rebounds from big market declines, this indicator can remain high for months. The QQQQ has close above its 10 week average for six weeks, a major show of the strength of this up-trend. I remain on the long side until the 10 week average is pierced.
Comments ( 3 )
Joseph added these pithy words on Mon, 4-27-09 at 12:23 amAnd in what stocks are you putting your pension funds?
Dr. Wish added these pithy words on Tue, 4-28-09 at 11:34 amMy university pension funds are invested in the 403B plan under which I can select a variety of mutual funds. I typically invest in the general equity fund and the growth fund. I trade in my IRA.
Giuse added these pithy words on Wed, 4-29-09 at 8:42 amAnd what specific stocks are you investing for your IRA?
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