The GMI rose to 2+ and it looks like the market is on the verge of a turn. 53% (9/17) of the stocks that hit a new high 10 days ago closed higher yesterday than they did 10 days earlier, suggesting that stocks hitting new highs are holding their own. Since this stat is based on only 17 stocks, I hesitated to call this indicator positive. 
There were 113 new highs in my universe of 4,000 stocks, the most since February 26. The GMI-S has moved up to 25. My IBD mutual fund index also is very close to turning positive. We maybe getting the end of first quarter/new earnings release bounce I wrote about yesterday. While the QQQQ remains in a down-trend, I am buying selective growth stocks, rather than shorting the index. I am also writing covered calls for income in my IRA.
