INVN flirted with a green line break-out on Tuesday on above average volume. Check out its daily graph. INVN has an IBD composite rating of 93. Note the large up volume, black spikes.
WWE also had a high volume green line break-out.
Dr. Wish
15th day of $QQQ short term up-trend; Relative strength in $AAPL, $TSLA, $IRBT, $MTRX and $SALE.
Stocks that rose during Monday’s sell-off are exhibiting great relative strength and may lead the market higher when it rebounds. AAPL and TSLA both advanced on Monday. IRBT may have found support at its recent green line break-out. My perspicacious stock buddy, Judy, has been interested in IRBT for a long time. I own some IRBT and will hold it as long as it holds above its green line, around $40. (Click on chart to enlarge.)
MTRX hit a new high on Monday after holding its green line break-out. Note the huge volume spike when it first broke through its green line (all-time high base). IBD composite rating: 91
SALE also held its green line on Monday. IBD composite: 98.
14th day of QQQ short term up-trend; be careful
The markets reversed strongly down on Friday as did many of the speculative stocks I watch. Friday was also a high volume down (distribution?) day for the QQQ. The market averages have been advancing since they bounced on 2/5. I would not be surprised to see some retracement as current events in Ukraine provide a catalyst. International markets are down Sunday night and gold is rallying (Yay!). I will not buy anything else now and will wait to see if the averages bounce off of support. The QQQ might find support around 87-88, where a lot of indicators are converging. Here is the daily GMMA chart of the QQQ. Note all of the rising longer term (blue) averages in the 87-88 area. The market may get to climb a new wall of worry.
Meanwhile the GMI remains at 6 (of 6). Remember, that I am a trend follower and exit after the trend has turned down. I cannot catch the top. For now, all of my GMI indicators remain positive. Here is the GMI table.
