Dr. Wish

GMI:4; GMI-R: 6; Strongest stocks

@ 12:01 am

The GMI fell one, to 4 and the GMI-R to 60%.  There were 101 new highs and 381 new lows in my universe of 4,000 stocks on Monday.  The QQQQ continues to resist the down-trend in the non-tech markets.  Silver, gold and commodities are hitting the new high list. The QQQQ is in its 47th day of its short term up-trend.  You can cut the negativity espoused by CNBC pundits with a knife, and yet the markets rebounded from their lows on Monday.  This market therefore looks like it wants to rally.  Key growth stocks (GOOG, AAPL, CMG, RIMM, BIDU) are holding up.  On the other hand, the Worden T2108 indicator is now at 36%, reflecting a lower market for NYSE stocks.  Among the 101 stocks in my stock universe that hit a new high on Monday and that have recent quarterly earnings increase of 100% or more are:  ENZN,NDAQ,HAE,RIG,PSEM,HL,VCP,BIDU,FLS,CELL,ATRO,

ANSS,NEM,RIMM,ITC FMCN.  If the market does rally, these stocks may be among the new leaders.

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GMI: 5;GMI-R: 7; Split market continues

@ 9:06 pm

The GMI fell to 5, and the GMI-R is now at 70%. There were 351 new lows and 133 new highs in my universe of 4,000 stocks on Friday.  Meanwhile, the Daily SPY Index has turned negative even as the QQQQ remains in the 46th day of its current short term up-trend.  10% of the Nasdaq 100 stocks rose, somewhat better than the 3% of the S&P 500 and the Dow 30 stocks. But the Worden T2108 indicator is now 42%, the lowest level since it topped at 82% on October 5th. This pendulum of the NYSE stocks is now heading towards bearish territory and does not typically bottom out until it declines to below 25%.  Nine stocks from the IBD 100 list published on October 15 hit new highs on Friday:  FMCN,BIDU,CTRP,CLB,ABB,TEF,HDB,HMSY,SYNA. But when I look at the industries represented in the new low list, I am struck by the major weakness in housing, bank and apparel stocks. How long can the techs buck these trends? I am still holding QLD, but will sell out if the GMI falls below 3. 

GMI: 6; GMI-R: 90%; Split market

@ 12:01 am

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…….