I was out late last night and could not post. The GMI is still at its maximum and I think this rally is only resting. One reason is that the leaders (GOOG, AAPl, HANS) have all held up well. Only 25% of the Nasdaq 100 stocks rose Thursday, along with 46% of the S&P 500 stocks and 17% of the Dow 30 stocks. But there were 184 new highs in my universe of 4,000 stocks. Only 49% of stocks are in a short term up-trend but 70% remain above their longer term 10 week moving averages. 84% of doublers this year remain above their 30 day averages and three times as many stocks (25% versus 8%) are close to a new high rather than a new low. While I moved my sell stops up a little Thursday morning, I see no reason to exit this market. To the contrary, many stocks are holding up. Check out stocks like LUFK, GRP, UPL, CHS, BABY, DNA, WFMI (I own some of these).
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