The GMI continues at the maximum level of +6. There were 337 new yearly highs in my universe of 4,000 stocks. 79% of the 151 stocks that hit a new high 10 days ago closed higher on Thursday than they did 10 days earlier. Thus, buying stocks at new highs has been profitable. Only 65% of the Nasdaq 100 stocks rose on Thursday, along with 60% of the S&P500 stocks and only 43% of the Dow 30 stocks. Thus, the market was much weaker on Thursday. Thursday was the 34th day of the QQQQ up-trend and the QQQQ has closed above its 10 week average for eight weeks….
The IBD 100 stocks were stronger than the other stocks today, with 81% of the stocks on the list published last Monday advancing; 16 of them hit a new yearly high. Over the past few weeks I have owned the QLD, which is leveraged so that it moves about twice as much as the QQQQ. Since 8/15 when this up-trend began, the QQQQ has advanced 10.08%, while the QLD has advanced 19.92%. It has been easy to make money just holding the QLD. There is also an ultra ETF for the DIA. While the DIA advanced 5.67% since 8/15, DDM advanced 11.69%. These Ultra ProShares are the best kept secret on Wall Street.
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