The GMI rose to 5 and the QQQQ is now in its 8th day of an up-trend. There were only 71 new highs in my universe of 4,000 stocks, leaving only the GMI new high indicator negative. Another up day could give us the 100 new highs needed to turn the GMI to the maximum of 6. With the GMI at 5, I am content to own QLD and to hold a number of stocks on which I have written covered calls. The QQQQ is back above its 10 week average, a very positive sign.