According to my trend rules, the QQQQ just completed the 21st day of its short term down-trend. The longer term weekly indicator is now positive, making the GMI one. And the Worden T2108 Indicator is now at 23% and out of deeply oversold territory. IBD has reported that the Nasdaq Composite has now had a follow through day on the rally that began last week and that the market is now in a confirmed up-trend. They may be right, but I need more of an advance before I would identify a new short term up-trend. The GMI-R is now at 4 of 10, and this index is more sensitive to short term changes in trend. So, I remain mainly in cash in my IRA, waiting to see if we get a definitive up-trend.
Meanwhile, if a new up-trend is imminent, one place to look for new leaders is in the small list of new daily highs. The following stocks hit new highs on Thursday, are near multi-year peaks, and should be watched: MCK, AMMD, CSTR, QSFT, RDY, DGIT*, VASC, GIS, TGH, DTV*, UHS, ALK, THS, CMG, NTAP, WPI, SAM*, ABC, NEOG, LNCR, DISCA, EPB, CRM, EW. I suspect that within this list are some new market leaders, if the market trend turns up. The three stocks with an asterisk reported triple digit earnings increases for the most recent quarter.