To my visitors: I am only one trader, not a guru, and not a financial advisor. I am presenting my own opinions and my own experiences and people are welcome to decide for themselves what, if anything, on this site is of value to them. Please refer to the additional comments, highlighted in red, at the end of this post.
A lot of stocks are rising on earnings expectations and falling on the release. It is not unusual to get an earnings rally in the general market and then to get a post-release decline. I would not be surprised to see a weak August through October period, but will let the GMI guide me. The GMI remains at +6 and it was a strong day. Many of my longs went to new highs today. In fact, there were 259 new highs in my universe of 4,000 stocks and only 11 new lows. The 10 day new high index bounced back with 243 successful 10 day highs. 59% of the 413 stocks that hit a new high 10 days ago closed higher today than they closed 10 days ago. About 70% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose today. We are in day 8 (U-8) of the QQQQ rally…………………………..
Among the stocks I have mentioned before that hit new highs today are: BTU, HANS, LUFK, NTRI, GOOG, PRGS, CME, GDW, BBY. (I own some of these.) Other stocks I have started following (and may own) include DSL, KOMG and XWG. I have sell stops in on all of my holdings and am letting things ride for now. Sell stops provide me the ability to focus on my job during the day and to sleep peacefully at night………………………..
Enjoy this rally! Send me your feedback at: email@example.com.
Please remember that the stock market is a risky place, especially now. I am not providing recommendations for you to follow. My goal is to share tools and methods that I have used over the past 40 years of trading, so that you may learn from them and adapt them to your trading style and needs. While I do my best, I do not guarantee the accuracy of any statistics computed or any resources linked to my blog. Please consult with your financial adviser and a mental health practitioner before you enter the stock market, and please do not take unaffordable risks in the current market environment. See the About section for more statements designed to protect you (and me) as you navigate this market. Past performance does not guarantee future results, but I would rather learn from a former winner than a loser.