No change in the GMI (+6) but the tech leaders are showing some signs of weakness. Only 35% of the Nasdaq 100 stocks rose on Wednesday, compared with 65% of the S&P 500 and 63% of the Dow 30 stocks. There were 237 new yearly highs in my universe of 4,000 stocks, but only 10% of stocks that have doubled in the past year hit a new high on Wednesday. Leaders that are downgraded by analysts or hit with bad news are gapping down. AAPL (-3.9%) is just the most recent example, after CMTL and CUTR recently. I am slowly being stopped out of my holdings because of my close sell stops. I will be content to buy stocks back at higher prices when/if they strengthen. Wednesday was the 31st day of this rally (U-31).
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