Since the GMI gave a buy signal on 2/28, the QQQ has advanced +8.4% the QLD +17.1% and the TQQQ +26.4%. The SPY has advanced +7.7%. If one had purchased the 3X leveraged Nasdaq 100 ETF, TQQQ, at the close on 2/28, one would have done better than all but 7 of the Nasdaq 100 stocks, and all but 11 of the S&P500 stocks. None of the Dow 30 stocks beat TQQQ. So again we see that in a consistent up-trend, buying and holding the leveraged 3X ETF, TQQQ,, was far better and easier than trying to find the rare individual stock that would out-perform it. Are we committed to making money, or to proving that we are smart enough to find the needle in the haystack?
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Worden T2108=77%, indicator approaches extreme
While the trend remains up, I note that the T2108 is becoming extended. This weekly chart of T2108 shows that the market is approaching the area where this indicator tops out–but it can take a while. T2108 measures the percentage of NYSE stocks closing above their average price over the past 40 days. To me, T2108 represents a pendulum of the emotional state of the market, going from one extreme to the other.
Below is a list of 17 of the 30 stocks that came up in my new high and good recent earnings scan that also had a blue flag. A blue flag on the left means the stock appears in one of my lists of stocks that has been highlighted by IBD.
New high scan detects 24 stocks.
24 stocks came up in my new high and good recent earnings TC2000 scan. They are listed below, sorted by blue flag. A blue flag on the left side indicates the stock was mentioned by IBD at some point. Click on list to enlarge.
