Month: May 2013

I am taking a   vacation and will return to post on June 7.   The market is in a post-earnings release period and probably will not make a major move until sometime in July when 2nd quarter earnings are released. We do often have a shake-out decline just before the earnings period so we may have some weakness in late June.   No one knows what will happen, however.   If we get a major move, I will try to post during this period.   It would take a lot of deterioration, however,   to create a GMI sell signal. The market remains in a powerful up-trend, as this weekly chart of the SPY shows. It has successfully broken through its green line top. Major support for the SPY is way back around the green line or at 150 (red line, 30 week average). Have a great two weeks!

Only 3 stocks came up in my new high and good earnings scan, two of which are above green line tops:   DPZ and AAON. Under 100 stocks hit new highs on Thursday, down from 680 on Wednesday. T2108 is now in neutral territory at 64%.   Over 200 stocks that hit a new high in the past month bounced from support on Thursday.   Many of these would have been good buys during the early Thursday decline.   Let’s see if they hold on Friday.

T2108 declines to 67%, still in neutral area.   Only 12 of 44 stocks with good recent earnings that hit a new high on Wednesday closed above Tuesday’s price.   Wednesday had a lot of stocks opening strong and selling off.   Time will tell if this break brings in a significant decline.