The GMI remains at the maximum reading of +6. There were 405 new highs in my universe of 4,000 stocks. But with the sell off late in the session, only 43% of the Nasdaq 100 stocks advanced along with 54% of the S&P 500 stocks and 67% of the Dow 30 stocks. Monday was the fifth day (U-5) in the current QQQQ short term up trend. While the QQQQ is holding up, I am very concerned that many of my stocks have failed break outs. In addition, the utility and housing stocks look very sick and toppy. Long term interest rates are headed up.
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