In spite of all of the problems in the U.S. economy with rising commodity prices, the markets remain in an up trend. Only 18% of the Nasdaq 100 stocks rose on Friday along with 42-43% of the S&P 500 and Dow 30 stocks. But there were still 407 yearly highs in my universe of 4,000 stocks. 63% of stocks closed above their 10 week averages. The GMI-L remains at 100, indicating that stocks remain in a longer term up trend. The QQQQ completed its fourth weekly close above its ten week average and Friday was the eighteenth day in the QQQQ short term up-trend (U-18). It seems to me this up trend in the major market indexes may last until earnings are out. And then that often under-performing May-October period begins for the market.
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