The GMI remains at +6, as the Nasdaq 100 stocks begin to take off. The fact that the leaders, GOOG and AAPL, appear to have ended their consolidations is a sign of strength. 76% of the Nasdaq 100 stocks have now closed above their 30 day averages, the largest percentage since last December 2. It is clear that the tech stocks have taken over the leadership of the market. There were 370 new highs in my universe of 4,000 stocks. Nevertheless, only 60-67% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Wednesday.
Please send your comments to: firstname.lastname@example.org.