I wrote yesterday that the QQQQ was hovering on support and would either fall off of the cliff or bounce. On Wednesday, for the first time since February 26, I have registered more than 100 new highs in my universe of 4,000 stocks. There were 153 new highs and 50 new lows on Wednesday. 
(Click on chart to enlarge.) The last time the GMI was above 4 (it was 6) was on December 26, 2007. The QQQQ successfully tested its up-trend on Wednesday with 94% of the Nasdaq 100 stocks advancing. While very close, the QQQQ never violated its short term up-trend; Wednesday was the 17th day of the up-trend that I identified on March 25 (U-17). Again, I had to learn the lesson not to anticipate a change in trend and kept a lot of my longs through today, although I was hedged and made less money than if I had just stayed 100% long with the up-trend. It is now time for me to accumulate QLD (the Ultra long QQQQ ETF) and other strong IBD 100 stocks. 41 of the 523 stocks on the IBD 100 lists I have monitored the past year hit a new high on Wednesday. They are: BMI,AGU,VMI,POT,SID,MOS,MON,MEE,KSU,
SCHN,CF,X,GGB,CENX,KOP, BDE,TTES,XTO,NEU,OXY,BTU,
MT,NBL,WHQ,JOYG, RTP,ATW,EGN,RS,KWK,WFT,COG,SWN,BUCY,FTI,
HK,UPL,RRC,ATLS,OIL,ATN. Note how many of these stocks are from the oil, metal and agricultural chemicals industries. These stocks continue to lead this market. Stocks that break out to new highs quickly in an up-trend tend to be among the next rally’s leaders. The key is to buy strength and not to bottom fish. The fish on the bottom tend to eat garbage.
It has always been a pleasure reading your comments about the market, since you can speak the language of the great speculators
and give others excellent vision of what to anticipate!!!!
Congratulations once more!
Vassilis