Friday was the 27th day of the current QQQQ short term up-trend. There were 10 new highs and 6 new lows in my universe of 4.000 stocks on Friday. Three of the ten new highs were on the IBD100 lists from today’s edition: STAR, HANS and JJNF. Since the first day of the QQQQ uptrend (by my definition) on 3/18, the QQQQ has climbed 13%, the Ultra long QQQQ ETF by 28%, and the SPY by 8%. During this same period, 84% of the stocks in the Nasdaq 100 Index (measured by the ETF, QQQQ) have advanced, with one third advancing 20% or more. The key to successful trading on the long side is to have the relevant index in an up-trend.Meanwhile, the GMI is back to 5 (of 6). We will have to wait for a while to have 100 stocks hitting 52 week highs. Too many stocks are way down from their highs. Nevertheless, there are a few stocks that are trading near their all-time highs: QSII, HGG, SNDA, NTES,MV, ARST, GMCR,TNDM, AAN, ROST, ORLY, AZO, GOLD, NFLX. I would look among these stocks for the new leaders.
Meanwhile, the Worden T2108 Indicator remains at a high of 90%. In past rebounds from big market declines, this indicator can remain high for months. The QQQQ has close above its 10 week average for six weeks, a major show of the strength of this up-trend. I remain on the long side until the 10 week average is pierced.