The GMI is still at 5 and there were 203 new highs in my universe of 4,000 stocks. Only ten stocks hit a new low. 47-57% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Thursday. 71% of the stocks in my universe are now above their 10 week average, up from 23% on July 17. 
53% of the IBD 100 stocks from 8/14 rose, indicating that these types of growth stocks are still not yet outperforming the other stocks. People are still skeptical of this market. However, the QQQQ has now closed for three weeks above its ten week average. If the QQQQ can close above its 30 week average the GMI will turn 6. I am still accumulating QLD because I am more confident of the general Nasdaq 100 index trend, than of picking individual stocks. There is still a lot of whip-sawing back and forth on stocks breaking out. This is not the time to be on the short side.
Please send your comments to: silentknight@wishingwealthblog.com.
great observation on the QQQQ. I have been silently sitting on the sideline with only a few small test buys.