There were 5 new highs and 5 new lows in my universe of 4,000 stocks on Wednesday. Still, a lot of stocks are getting stronger. Wednesday was the 16th day of the QQQQ short term up-trend. Three of the 5 stocks at new highs were on my IBD100 lists: FDO, FIZZ and SNDA. My long positions continue to prosper.
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QQQQ rally continues, in 14th day and up 8.7%, but 3X emerging bull ETF, EDC, up 28.2%
There were 11 new highs and 4 new lows in my universe of 4,000 stocks on Monday. Five of the 11 new highs were on the IBD100 list from March 30: TNDN, NFLX, GMCR, NTES and CPSI. All of these but CPSI hit all-time highs, an extraordinary accomplishment, given the market’s decline over the past year. Any stock trading today at an all-time high is probably worthy of attention. I own GMCR and NFLX. One other stock on the new high list Monday is TSYS, which I wrote about months ago. It has huge recent earnings increases and has been in a steady up-trend.
I am putting more and more funds back into the market as this up-trend continues. By my indicators, the QQQQ just completed the 14th day of its short term up-trend. During that time, the QQQQ has advanced 8.7%, while the ultra long QQQQ ETF, QLD, has advanced 17.6%. During QQQQ up-trends I buy QLD. During this same time period, the emerging markets bull 3X ETF, EDC, has advanced 28.2%. Those who say the 3X ETF’s are worthless as trading vehicles (as in J. Cramer) should look at these data.
Tech rally looks real; Daily Guppy chart looks good
My indicators keep getting stronger. The GMI is 4 for the first time since August 20, 2008. There were more new highs than lows (22 vs. 6) in my universe of 4,000 stocks on Thursday. The Worden T2108 indicator is at 83%, the highest reading since 89% on January 6. This is typically an over-bought reading, but in July, 2003 when the market began the new bull market after the preceding bear market, the T2108 reached 93% as the new bull market got going. Thus, the current high reading may represent the burst of buying after a long bear market. Finally, the daily Guppy chart of the QQQQ suggests the beginning of a new up-trend.