Dr. Wish

GMI back to maximum of 6; Trend is up; IBD100 leaders

@ 12:01 am

The GMI (General Market Index) is now back to 6 for the first time since July 23.  Gmiperf0913 (Click on chart to enlarge.)  Thursday was the 10th day in the current QQQQ up-trend.  The Worden T2108 indicator is now back to 52, the highest since July 13 and up from a low of  8 on August 15.  This pendulum of the market has swung back to positive and does not typically top out until well above 80.  The following stocks on the IBD100 lists some time in the past year hit a new high on Thursday:

BIDU,RIO,VIP,PCLN,CHL,MT,TPX,HANS,CTRP,MTL,BRLI,

FSTR,ICLR,CAM,NVT,DKS,WHQ,OII,LVS,DWSN,SU,HMSY,

FTI,ROS,LAYN,DIOD,RIMM,OIL

This list probably contains many of the market leaders-to-be over the next few months.  See my disclaimers below.

GMI: 5; QQQQ in 8th day of up-trend

@ 12:01 am

The GMI rose to 5 and the QQQQ is now in its 8th day of an up-trend.  There were only 71 new highs in my universe of 4,000 stocks, leaving only the GMI new high indicator negative.  Another up day could give us the 100 new highs needed to turn the GMI to the maximum of 6.  With the GMI at 5, I am content to own QLD and to hold a number of stocks on which I have written covered calls.  The QQQQ is back above its 10 week average, a very positive sign.