The GMI is at the maximum of 6 and the GMI-S now registers 81. All four short term indicators for the SPY are now positive. 
There were 554 new yearly highs in my universe of 4,000 stocks, the most since April 19 (also 554), before the QQQQ began its decline that ended in July. At the bottom in July my Bullish Trend indicator bottomed out at 28% and has been steadily rising to its current new high of 71%. Curiously, only 49% of the Nasdaq 100 stocks rose on Tuesday, compared with 60-64% of the S&P 500 and Dow 30 stocks. 67% of the IBD 100 stocks from 11/20 rose and 26 of them hit a new high. So the IBD 100 type growth stocks outperformed these other stocks yesterday. Tuesday was the 76th day of the current QQQQ up-trend.
I know I should stop trying to anticipate market turns. But with some indicators at peaks, some leaders refusing to hit new highs (AAPL, GOOG, RIMM), and with the knowledge that market tops occurred in the Dec/Jan period the past few years, I am lightening up on my longs. Of course I will wait for a real sell signal in the GMI to take larger short positions….
