The GMI is still zero, although the GMI-S rose to 50. One half of my short term indicators for the four indexes are positive. The QQQQ is still the laggard. 86% of the Nasdaq 100 stocks rose on Wednesday, compared with 93% of the S&P 500 and 97% of the Dow 30 stocks. 90% of my universe of stocks rose as did 94% of the IBD 100 list from 5/15. There were 82 new yearly highs and 38 new lows in my universe of 4,000 stocks. A TC2005 scan of the market found 14 rockets and 458 submarines, indicating that there are still many more stocks in confirmed down trends. The QQQQ, currently at 36.62, has a long way to go (consecutive closes above 38.50) before it would convince me that a meaningful change in trend has occurred in growth stocks. Time will tell.
Please send your comments to: email@example.com.