The GMI remains at +5 amid weakness in the market averages. Only 37% of the Nasdaq 100 stocks advanced on Thursday, along with 35% of the S&P 500 stocks and 13% (4) of the Dow 30 stocks. Still, there were 323 new 52 week highs in my universe of 4,000 stocks and the percentage of stocks in a short term up trend rose to 45%. The QQQQ is in the fourteenth day of the short term decline (D-14). So many of the Nasdaq big name stocks are getting hit: ESRX (-5.65%), RIMM (-4.94%), SNDK, (-2.58%), Dell (-2.25%) and AMZN (-2.12%). Since January 11, the QQQQ has declined 4.77% and 61% of its component stocks have declined. The biggest losers, falling 19% or more include: JNPR, GOOG, YHOO, EXPE, INTC, ATVI, SNDK, XMSR and ISRG. As long as the QQQQ fails to join the up trend in the SPY and DIA, there will be many more rude surprises in the tech stocks.
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