The GMI remained at +4. There were only 63 new highs Wednesday and an equal number of new lows. Only 31% of the stocks that hit a new high ten days ago closed higher than they did ten days ago. Most of my indicators declined. 39% of the Nasdaq 100 stocks rose along with 54% of the S&P 500 stocks and 60% of the Dow 30 stocks. Only 4% of the stocks that doubled the past year hit a new high and only 52% of the stocks in my universe of 4,000 closed above their 10 week averages. Only 32% of stocks remain in a short term up trend. The percentage of stocks within 5% of a new high fell to 22%. Wednesday was the second day of the QQQQ short term down trend (D-2)………..
Seven of the 63 new lows on Wednesday were housing stocks and seven were radio or TV broadcasting stocks. Maybe these sectors are a good place to search for shorts.
Please send your comments to: email@example.com.