The market weakened a little but the up trend is intact. The GMI remains at +6. 74% of the stocks that hit a new high 10 days ago closed higher on Tuesday than they did 10 days earlier. There were 372 new highs in my universe of 4,000 stocks, a high number but less that the 500+ the prior two days. 56% of stocks are now in a short term up trend and 77% closed above their 10 week averages. Only 32% of the Nasdaq 100 stocks rose, along with 44% of the S&P 500 stocks and 54% of the Dow 30 stocks. Only 23% of the stocks that have doubled in the past year hit new highs on Tuesday. Still, 35% of stocks are within 5% of their yearly highs. Tuesday was the fourth day (U-4) in the QQQQ up trend…..
Among the stocks that hit a new high on Tuesday, have risen at least 60% the past year and had triple digit earnings growth the most recent quarter are: DO, AKAM, HSVLY, VTS, FCX, PDC, CBG,BTJ,PONR,ATHR,SIGM,TRID,TLM, AAPL, LDSH, STMP, SUN, HANS, ISRG, ARD, CNQR, MDR, ESV, JOYG. Many of these stocks have been leaders for weeks. I always buy into strength (I own 2 of these stocks). Strength begets strength………………………..
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