The Nasdaq stocks really strengthened on Wednesday and that index is in its 60th day of an up-trend. There were 80 new highs but 92 new lows in my universe of 4,000 stocks. The Nasdaq 100 index is much stronger than the Dow and S&P 500 indexes. The GMI is back to a definite 4. My covered call positions are holding up, with the exception of the IOC debacle I wrote about yesterday. I bought back some of my IOC calls and sold the shares at a large loss. I probably will close out all of the shares and calls tomorrow.
GRMN continues to climb and I own some shares of this company. I think we are getting a rally based on anticipated good earnings to be released on August 1. I also own some MR, which is showing major strength.
See my disclaimers on the previous post.