The GMI remains zero, but the more sensitive GMI-R rose to 1 out of 10. There were 29 new highs and 90 new lows in my universe of 4,000 stocks on Thursday. The Worden T2108 indicator shows that 46% of NYSE stocks closed above their 40 day averages. This indicator is now up from a low of 18% on January 22. Still, tech stocks lag, with only 31% of the Nasdaq 100 stocks closing above their 30 day averages. I remain mainly in cash, but vigilant for signs of a change in trend. Thursday was the 20th day in the current QQQQ short term down-trend.
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GMI: 0; GMI-R: 0; 5 IBD100 stocks at new highs
The GMI and GMI-R are still zero. Wednesday was the 19th day in the current QQQQ short term down-trend. There were 26 new highs and 57 new lows in my universe of 4,000 stocks on Thursday. Five of the stocks at new highs were on the IBD 100 stock lists I have been following: BLK, RATE, SID, TNE, PRXL. I am still mainy in cash and am monitoring the down-tend.
GMI: 0; GMI-R: 0; only 21 new highs and 24 lows on Tuesday; mainly in cash
The GMI and GMI-R remain at zero. There were only 21 new highs and 24 new lows in my universe of 4,000 stocks on Tuesday. Tuesday was the 18th day in the current QQQQ short term down-trend. The Worden T2108 indicator is now at 36%, up from 18% on January 22. It is nice to be on the sideline, in cash.