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%. I
n 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.
And in what stocks are you putting your pension funds?
My university pension funds are invested in the 403B plan under which I can select a variety of mutual funds. I typically invest in the general equity fund and the growth fund. I trade in my IRA.
And what specific stocks are you investing for your IRA?