The GMI is stable at +4 and there were few changes in my indicators on Wednesday. In spite of the Dow’s 100 point rise, there were 11 fewer yearly new highs than on Tuesday (120 vs. 131). The percentage of stocks in a short term up trend declined to 46%. However, the most stocks advanced in the past 10 days. 69% of the Nasdaq 100 stocks rose, along with 69% of the S&P 500 stocks and 80% of the Dow 30 stocks. Only 13% of the stocks that have doubled in the past year hit a new high on Wednesday. The GMI-S rose a little to 25. Wednesday was the fourth day (D-4) in the current short term down trend in the QQQQ.
The leaders, GOOG and AAPL, continue to look sick. I have to wonder whether when this bull finally turns its attention to CSCO, the up cycle is near the end of the line. Please send your comments to: email@example.com.