The GMI is still at 6 and the GMI-S rose to 88. All of my short term indicators for DIA, QQQQ and SPY are positive. Tuesday was the 5th day in the current QQQQ up-trend. I hold only long positions and am about 75% cash as I wait to see if this up-trend continues. See disclaimers at the bottom of my prior post.
Dr. Wish
GMI: 6; GMI-S: 75; Brokers strong; LEH- cup with handle?
The GMI is back to a maximum of 6 and the GMI-S is 75. Stocks are bouncing off of support all over. There were 263 new 52 week highs in my universe of 4,000 stocks on Friday. Friday was the 4th day in the current QQQQ up-trend. I am buying the ultra QQQQ ETF, QLD, again. GOOG and AAPL also are gaining strength along with ATHR. (I own these.)
The brokerage stocks are climbing again. I mentioned quite some time ago that in a rising market, brokers must do well as trading volume tends to rise. Thus, the U.S. brokerage ETF, IAI, rose 6% last week. Brokers that appear to be in up-trends include: MER, GS, BSC, MS, SCHW, SEIC, to name a few. It looks like LEH has just broken out of a cup with handle base pattern. Strength in the brokers suggests good earnings to come and a strong market.
GMI: 5; GMI-S: 63; Leaders reviving
The GMI is still 5 and the QQQQ is in its third day of a new up-trend (U-3). There were 284 new highs in my universe of 4,000 stocks on Thursday. 76-83% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Thursday. 72% of the Nasdaq 100 stocks closed above their 30 day average, up from 32% on December 22. The leaders, GOOG and AAPL, have come back, and ATHR (see post on 1/10) is gaining strength. I own some of these stocks.