The GMI is at 4 (of 6) and the GMI-R is 8 (of 10). There were 63 new highs and 31 new lows in my universe of 4,000 stocks on Wednesday. Wednesday was the 7th day of the new QQQQ up-trend. With my general market indicators in positive territory it is time for me to accumulate stocks again. I am buying QLD and selling covered calls on IBD100 growth stocks again. I am getting 4-5% premiums for calls that have only 12 days to expiration….
Meanwhile, CPST, one of Judy’s picks, keeps hitting new highs on heavy volume and is up almost 14% since I wrote about it on March 28, at $2.09. CPST makes microturbines and appears to be pulling in contracts from around the world. As a rule, I do not buy cheap stocks, but I made an exception for CPST, based on its great chart and Judy’s advice. Judy had bought it around $1 per share. Another Judy’s pick that showed some life on Wednesday is ITRI, which makes smart meters. I automatically purchased some ITRI today when my buy stop was triggered around $97. By placing a good-til-cancelled buy stop at the level I think is indicative of a break-out, I can buy promising stocks without having to watch the market. One does not need to be glued to a monitor to catch stocks breaking out of bases…
To my honors students taking part in the virtual trading competition–it is time to close out your shorts and go long. Pyramid up on margin as long as the QQQQ up-trend remains intact.
Notes from Mr. Wish (Dr. Wish’s IT Guru son):
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