Dr. Wish

The GMI remains at +4 and in danger of falling again today if we have fewer than 100 successful ten day break-outs.  Between 55-57% of stocks in the QQQQ, SPY and DIA rose on Wednesday.  There were 55 new yearly lows and 46 new highs, an ominous sign.  Only 35% of the 4,000 stocks in the universe I follow are in a short term up trend, the lowest since March 10.  Wednesday was the twelfth day (U-12) in the current short term up trend in the QQQQ.

Please send your comments to:  silentknight@wishingwealthblog.com.

The GMI declined on Tuesday.  Break out stocks are failing.  Only 41% of the stocks that hit a new high ten days ago closed higher Tuesday than they did ten days earlier.  The Daily SPY index turned negative and the GMI-S fell to 38.  Between 13-23% of the stocks in the QQQQ, DIA and SPY rose on Tuesday.  Only the majority (75%) of the short term indicators for the QQQQ remain positive.  While the short term up trend in the QQQQ is still intact, I am raising stops and becoming defensive………

Please send your comments to:  silentknight@wishingwealthblog.com.

The GMI stayed at +6 as stocks tread water.  41% of the Nasdaq 100 stocks rose on Monday along with 48% of S&P stocks and 53% of Dow 30 stocks. There were minor changes in my indicators.  Monday was the tenth day of the QQQQ short term up trend (U-10). We need to wait to see whether the current weakness is just a pause or the start of a larger decline.  How stocks react to good earnings releases should help us to divine the market trend…..

Please send your comments to:  silentknight@wishingwealthblog.com.