The GMI was again +5, and very close to a maximum reading of +6. This is because the QQQQ came back strongly. It closed back over its 30 day average and the MACD had a bullish crossover. One more up day will turn the Daily QQQQ Index positive. The growing strength of the QQQQ is also reflected in the rebound of the short term GMI-S, to 88. The longer term GMI-L is at a maximum 100. 
There were 276 new 52 week highs in my universe of 4,000 stocks and 34% of the stocks are within 5% of a 52 week high. 74% of the stocks that hit a new high ten days ago closed higher on Wednesday than they did ten days earlier. Buying stocks at new highs 2 weeks ago has therefore likely to have been profitable. 79% of the Nasdaq 100 stocks advanced on Wednesday, along with 73% of the S&P 500 stocks and 83% of the Dow 30 stocks. 55% of stocks are in a short term up trend, the most since February 3. 69% of stocks are in a longer term up trend. Wednesday was the 18th and maybe final day of the recent short term down trend in the QQQQ………
A number of stocks with recent quarterly earnings increases of 100% or more had large volume (at least twice their 50 day average volume) moves up today. They include: SPW, TER, ATHR, WIRE, ASEI, ASTSF, ASF, JOYG and CYBS. I own some of these. The Nasdaq 100 may be about to break out on the up side. Given that the leaders of a new rise often are among the first stocks to break out, this list may be worth watching.
Please send your comments to: silentknight@wishingwealthblog.com.