Curiously, there were still more now lows than highs on Friday. This may be because the SPY and DIA are not as strong as the QQQ, which is composed mainly of nonfinancial tech stocks. The QQQ is clearly in the beginning of a RWB up-trend and heading to new highs.
But the SPY and DIA (not shown) are not as strong. The SPY is well below its summer peak and has no white separation between the shorter (red) and longer (blue) moving averages.
Still there are a lot of stocks breaking out and worthy of research. NTES is a recent GLB, as this weekly chart shows.
And LOW may be completing a cup and handle formation and a possible GLB.
I am keeping an eye on KITE for a possible GLB this week. KITE is presenting on their latest drug research at a December conference.
Meanwhile the GMI remains at 5 (of 6). Go to my December 2102 TC2000 free webinar (link to right or click here) to learn more about the GMI and my trading strategy.
