Indexes remain in up-trends; LOPE breaks out
Here are the 11 of 28 stocks that came up in my new high and good fundamentals scan from Friday’s close. All of these stocks also appear in one of my lists of stocks mentioned by IBD as possibly strong stocks.
All of these stocks but 3 (SBRA, CREE and GMCR) are green line stocks, above their highest multi-month base and near all-time highs. LOPE broke out to an all-time high last week on above average volume after it beat earnings estimates.
The GMI remains at 6 (of 6) and on a buy signal since 2/28.
All indicators positive; LOPE and GWRE–green line break-outs
Here are 14 stocks (of 30) that came up in my new high and good fundamentals scan and had a blue flag, indicating that they appeared on one of my lists of IBD noted stocks.
As seen in their monthly charts, LOPE and GWRE are recent green line break-out stocks, to all-time highs.
TQQQ beats almost all individual stocks–yet again!
Since the GMI gave a buy signal on 2/28, the QQQ has advanced +8.4% the QLD +17.1% and the TQQQ +26.4%. The SPY has advanced +7.7%. If one had purchased the 3X leveraged Nasdaq 100 ETF, TQQQ, at the close on 2/28, one would have done better than all but 7 of the Nasdaq 100 stocks, and all but 11 of the S&P500 stocks. None of the Dow 30 stocks beat TQQQ. So again we see that in a consistent up-trend, buying and holding the leveraged 3X ETF, TQQQ,, was far better and easier than trying to find the rare individual stock that would out-perform it. Are we committed to making money, or to proving that we are smart enough to find the needle in the haystack?
Worden T2108=77%, indicator approaches extreme
While the trend remains up, I note that the T2108 is becoming extended. This weekly chart of T2108 shows that the market is approaching the area where this indicator tops out–but it can take a while. T2108 measures the percentage of NYSE stocks closing above their average price over the past 40 days. To me, T2108 represents a pendulum of the emotional state of the market, going from one extreme to the other.
Below is a list of 17 of the 30 stocks that came up in my new high and good recent earnings scan that also had a blue flag. A blue flag on the left means the stock appears in one of my lists of stocks that has been highlighted by IBD.
New high scan detects 24 stocks.
24 stocks came up in my new high and good recent earnings TC2000 scan. They are listed below, sorted by blue flag. A blue flag on the left side indicates the stock was mentioned by IBD at some point. Click on list to enlarge.
Up-trend continues
The GMI and GMI-2 are each at 6 (of 6). Stock indexes look a little extended to me. I was away all weekend and could not prepare a more detailed post.
8th day of QQQ short term up-trend
17 stocks came up in my new high and good recent earnings scan:
NWS is near a green line break-out of a peak reached in 2000.
7th day of QQQ short term up-trend; ARMH near green line break-out
Seven stocks came up in my new high and good earnings scan:
ARMH is close to a green line break-out to an all-time high. It has to close above 50.
All indicators positive; AAPL leads techs higher; new high scan yields 9 stocks
With AAPL gaining strength, the tech stocks, reflected in the Nasdaq ETF, QQQ, are gaining strength. The Worden T2108 has rebounded to 68%, still in neutral territory. Readings of T2108 above 80% can often mean an overbought and extended market. The nine stocks that came up in my new high and good recent earnings scan Tuesday night are listed below. Six of them have blue flags to the left, indicating I placed them in a watch list because IBD had listed them as potentially strong stocks. All but UTHR and CVH have broken through a green line top and are in their top box. UTHR would need to close around 71 to trade above its all-time high last reached in March, 2011. Contrary to what most people think, a stock that breaks an all time high level that has persisted for months (a green line top) are often on their way to a series of new highs. Green line break-outs tend to mark the beginning of an advance, rather than the end. When a green line break-out fails, it can be a major sign of weakness and a top.
IBD sees resumed up-trend; GWRE: green line break-out
IBD gave up waiting for a follow-through day and now sees a resumed market up-trend. The GMI, however, has remained on a buy signal since late February. In fact, the QQQ may be about to break its recent top from last September. If it breaks through, we could have a large advance. Below are 10 stocks that came up in my new high and good earnings scan. They are all quite extended, but could be watched for a pull-back to support for entry. GWRE had a recent green line break-out to an all-time high and has a high IBD rating.
