The GMI reached the maximum+6 Wednesday. There were 235 new highs and 45 new lows on Wednesday. There were only 31 successful 10 day new highs but this represented 62% of the 50 stocks that hit a new high ten days ago. Given the strength in the rest of the market, I called this index positive. Almost one half (48%, +11) of the 4,000 stocks in my universe closed above their 10 week averages. 82% of the Nasdaq 100 and S&P 500 stocks advanced on Wednesday, along with 77% of the Dow 30 stocks. 78% of the stocks that have doubled in the past year are now above their 30 day averages, an increase of +13. The strongest stocks over the past year are recovering faster than the rest of the market. The strong grow stronger. Twice as many stocks are now within 5% of their new highs than their new lows (19% vs. 9%). The end of year rally has begun.
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