I did not post yesterday. I had a cold and could not rally, even though the market did. The GMI is now at +6, and the market internals have strengthened. More than two thirds (67%) of the stocks that hit a new high 10 days ago closed higher on Thursday than they did 10 days earlier. There were 374 new highs on Wednesday and 291 on Thursday. 44% of the stocks in my universe of 4,000 stocks are now in a short term uptrend. This is up from 33% when the down trend began on 12/20. 71% of stocks are now above their 10 week averages. 55% of the Nasdaq 100 stocks advanced on Thursday, along with 45% of the S&P 500 stocks and 53% of the Dow 30 stocks. 58% of the Nasdaq 100 stocks closed above their 30 day averages, as did 78% of the 211 stocks that have doubled in the past year. 20% of the doublers hit a new high on Thursday. Six times as many stocks are within 5% of a new high than a new low (30% vs. 5%). Thursday was day one of the new QQQQ up trend (U-1).
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