The GMI remains at 6 and the GMI-R fell one, to 9 (90%) because there were more new lows than highs in my universe of 4,000 stocks on Thursday. Remember, the GMI tracks the Nasdaq 100 stocks most closely. We have had a miserable performance in the Dow 30 S&P 500 and SmallCap stocks and still have the GMI remain strong because the Nasdaq 100 techs stocks are outperforming these other stocks. How long this schizophrenic, split personality of a market can last is anyone’s guess. For now, the Nasdaq 100 tech stocks remain stronger and are in the 45th day of their short term up-trend. So, I retain the QLD and my covered call positions…….
Dr. Wish
GMI: 6; GMI-R: 10; 17 IBD100 stocks at new highs
The GMI is at the maximum of 6 and the GMI-R is at 100%. There were 326 new highs and 85 new lows in my universe of 4,000 stocks on Wednesday. 83%-93% of the stocks in the Nasdaq 100, S&P500 and Dow 30 indexes advanced. Seventeen of the stocks on the IBD100 list from October 15 hit a new high: MA,HDB,ATW,CMG,POT,RIO,SYNA,SID,SDA,FMCN,GOOG, AAPL,AIRM,MBT,ABB,TEF, and PAY. Wednesday was the 44th day of the current QQQQ short term up-trend. I am mainly in the QLD and holding stocks on which I have written calls.
GMI:6; GMI-R: 10; In QLD and covered calls
The GMI remains at 6 (of 6) and the GMI-R is at 100%. There were 175 new highs and 91 new lows in my universe of 4,000 stocks on Tuesday. Tuesday was the 43rd day in the current QQQQ short term up-trend. I am invested in the QLD and in a number of covered call positions.