I am not jumping into this market now when it appears very overbought and at extremes. At the top last April, T2108 reached 79%. It is now 78%. There were 442 new 52 week highs in my universe of 4,000 stocks on Thursday. At the last top there were 625 new highs. But 79% of Nasdaq 100 stocks have a daily stochastic above 80%, the highest level since last September, at the beginning of a new rally. So is this a top or a new leg up? Check out SKYY, a new ETF focusing on cloud technology.
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QQQ short term up-trend completes day 5; looking to go long
The GMI remains at 6. Usually the trend continues for a while after it reaches the 5th day. I am looking for stocks to buy.
4th day of QQQ short term up-trend
GMI is at 6 and this rally may have staying power.