The GMI remains at 4 (of 6) and the GMI-R at 8 (of 10). The QQQQ short term up-trend is in its 8th day. The QQQQ has now closed above its 10 week average for 2 weeks. I have found that buying the type of strong growth stocks that I like is most often profitable when the QQQQ stays above its 10 week average. I am accumulating QLD and writing high premium April covered calls on strong IBD 100 stocks. Over the past 40 years I have learned that the pundits label a market as bull or bear about six months after the turn. I am therefore not surprised to be somewhat alone in pursuing the current up-trend. No one can accurately predict how long this up-trend will last. Nevertheless, it is important to jump on board until it shows signs of ending…
Meanwhile most of the stocks I have written about and own continue to be strong, including CPST, FDG and ITRI. RICK is growing backwards. Nine of the stocks on the IBD 100 lists I have tracked over the past year hit new highs on Thursday: NEU, IIVI, POT, TNE, GGB, WFT, X, RRC, CCH. These stocks have come through a tough market to go to new highs. These stocks may include some of the new market leaders if this up-trend continues.