The GMI fell to 4, and the GMI-R to 6. There were more new lows than new highs in my universe of 4,000 stocks on Thursday (100/84). The QQQQ failed to close above the important resistance level from the last rise (52.84). We will have to see if it can hold support at its key 30 day average (50.91).
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GMI: 6; GMI-R: 10; Rally continues
The GMI and GMI-R are at their maximum values. The GMI-S is at 100% and the GMI-L at 75%. With readings like these I must be long, at least for now. 63% of the Nasdaq 100 stocks are now above their 30 day averages. 
There were four times as many new highs than new lows (166/40) in my universe of 4,000 stocks on Wednesday. It looks like the QQQQ has successfully tested its 30 week average for the 4th week in the past seven weeks. (Click on chart to enlarge.) A close above 52.84 would confirm for me the strength of this new rally.
GMI:5; GMI-R: 9 All systems go
The GMI is 5 and the GMI-R is 9. The QQQQ short term up-trend completed its second day on Monday. The put/call ratio on Monday was 1.29, suggesting that option traders are skeptical of this rally. So this up-trend may have a way to go. With mutual fund window dressing through the end of December, the strongest stocks (RIMM, ISRG, AAPL, CMG, ICE) may remain strong this week. I am in cash and will take positions in January.