74th day of $QQQ short term up-trend; $UUP (1/0/0) falls and $GLD (12/6/6) rises; GLB: $VEEV (12/6/6)

GMI4/6
GMI-25/8
T210837%

A lot of my stocks rose nicely on Monday and I was therefore surprised to see that most stocks did not do well. I found more stocks at new lows than new highs and only 49% of U.S. stocks rose. The T2108 was unchanged. So I think we may be seeing the end of quarter mutual fund window dressing when they beef up their portfolios with the strongest stocks. Three of the four  FANG stocks rose ( AMZN, NFLX, GOOGL but not FB).  If this is window dressing, look for weakness by the end of this week. The dollar (UUP) remains in a BWR decline (1/0/0).

And GLD is in a RWB up-trend (12/6/6). As the dollar declines, it takes more of them to buy an ounce of gold.

Meanwhile, VEEV had a nice GLB on Monday with strong technical readings (12/6/6). (Read my prior post and my glossary to learn what these counts mean.)

Here is its daily RWB chart. Note the triple digit (+114%) earnings last quarter and that VEEV has already doubled over the past year. If I bought VEEV here, my stops would be around 48.13 (lowest red line) or 46.58 (highest blue line). (See my prior post for a description of my strategy.)

 

 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.