Short and longer term trends remain up. On Tuesday, 285 stocks hit new 52 week highs and only 17 hit new lows. As this monthly chart shows, AAPL continues to soar.
Dr. Wish
23rd day of QQQ short term up-trend; leveraged 3X ETF’s shine again
Since the GMI flashed a by signal on December 23rd, the QQQ has advanced +7.8%, the QLD +16% and the TYH +24.7%. In the same period, 30% of the Nasdaq 100 stocks have advanced 10% or more and only 5% have advanced more than 23%. Yet again, we find that riding a triple leveraged ETF in an up-trend beats almost all other stocks. Why do we search for the rare stock that will outperform the 3X leveraged ETF , like TYH! Another leveraged ETF that did as well as TYH during this period is TQQQ. In fact the leveraged ETF, SOXL, advanced +34.4%!
22nd day of QQQ short term up-trend
GMI remains at 6 (of 6). T2108 is still in overbought territory, as is the QQQ daily 10.4.4 stochastics, now at 86. Gold (GLD ETF) still appears to be headed higher. With earnings season almost over, we could enter a period of retracement and consolidation. The key is to wait for a signal rather than to act in advance.
