General Market Index (GMI) table

Blog Post; Day 48 of $QQQ short term up-trend; My favorite set-up, oversold bounce (black dot) after a recent yearly high, see charts of $OPRA, $BELFB and list of other stocks

@ 8:29 pm
GMI5/6
GMI-25/9
T210862%

I have been refining my black dot oversold indicator by requiring a prior recent yearly high. I am looking for a stock that has been strong enough to reach a high  and then becomes oversold and starts to move up. The beauty of such a set-up is that I can place my stop loss below the low of the bounce day. If the bounce fails I am sold out with a small loss.  OPRA kept showing up on my all-time high scans and then had the OSB, designated by the black dots. OPRA has an IBD composite rating=99, RS=97 and ACC/DIS=A+. Earnings are expected to rise +96% this year. It is involved with AI and has already advanced 6x its year’s low price. I missed this bounce and do not own it. It is above its last green line top.

BELFB triggered this set-up on Friday and I bought a little. Let’s see of it holds on Monday. Note it is also above its last green lie top.

Other growth stocks meeting this set-up on Friday appear below. They are sorted by the last column, which is close/minimum price last 250 days. BELFB is 3.3x its low.

 

The GIM remains Green.

 

Blog Post: Day 44 of $QQQ short term up-trend; 108 US stocks at ATH, most since 12/29/2021! See the one chart that tells me if QQQ is in a bull or bear market

@ 9:52 pm
GMI6/6
GMI-26/9
T210866%

This weekly chart shows the 10 week average (dotted line) and the 30 week average (red solid line). The gray line is the weekly close. When the 10 week average crosses above the 30 wk and the 30 wk starts rising we are in a new bull market. The early sign of a possible down turn will be a weekly close back below the 30 week average. These signals have helped me to be in rising markets and out of declining markets since 2000.

Meanwhile the GMI is Green and registers 6 (of 6). It turned green on 3/30/2023. The 10 week crossed above the 30 week earlier, on 3/3/2023.

 

Blog Post: Day 39 of $QQQ short term up-trend; GMI declines to 4; list of 9 stocks that passed my weekly green bar scan–includes $AAPL, see chart; window dressing upon us?

@ 10:05 pm
GMI4/6
GMI-24/9
T210849%

This scan looks for stocks in an up-trend (4wk avg>10wk>30wk) that reached a recent ATH and reached a 20 week high in relative strength and bounced up off of their rising 4 week moving average. If I buy on this setup I exit if the stock looks like it will close the week below the low of the week the setup was triggered. For example, the stocks on this list should not close the week below their last week’s low. The list is sorted by close/lowest price past 250 days. Note the several construction related stocks on the list.

 

Here is the weekly chart of AAPL as an example. Note the last price bar is green and how AAPL has closed above its 4 wk avg. (red dotted line) every week since March. This is the pattern of a strong advancing stock.

 

 

The market weakened last week, as demonstrated by declines in the GMI and GMI2. However, the short and longer term trends of QQQ are still up, for now. This week is the end of the 2nd quarter and we may see strength in strong stocks during this mutual fund window dressing period so that quarterly reports make fund managers appear to be smart stock pickers. The end of quarter reports show portfolio holdings, but do not say when they were purchased or at what price.