The GMI is 6 with the GMI-S now at 94. All four short term indicators are positive for each of the four indexes except for the DIA. There were 497 new highs in my universe of 4,000 stocks on Wednesday, the largest number since April 19. 57-64% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced. 63% of stocks in my universe are now in a bullish trend, the highest percentage since I began tracking this indicator on June 9. Wednesday was the 63rd day in this QQQQ up-trend.
The IBD 100 stocks are performing at about the level of the Nasdaq 100 stocks. 65-74% of the stocks on four recent IBD 100 lists advanced on Wednesday, compared with 64% of the Nasdaq 100 stocks. A greater percentage of the stocks on the IBD 100 lists from 10/2 (20) and 10/16 (23) hit new highs than did the Nasdaq 100 stocks (14). For the first time, the majority of stocks in three of the lists closed higher than they did on the day the list was first published and the majority of the stocks on all four IBD 100 lists closed above their average price for the past 30 days.
During the market top in 2000, I sold out some stocks when I had the feeling that making money was too easy. The way my account has been growing recently, I am starting to get the same feeling. How much better can this market get?