The GMI is Green and at 6 (of 6). We are entering the end of the 4th quarter when mutual funds buy up the strongest stocks so their quarterly reports make them look good.
General Market Index (GMI) table
Blog Post: The market is strong with many growth stocks setting up; Here are 13 stocks that have all doubled over the past year, reached an ATH on Friday, and 9 of them met my criteria for a weekly green bar setup, indicated by the last column. See weekly chart of $PHM.
My weekly green bar setup looks for rising stocks that bounced up off of their rising 4wk average and reached a 20 week high in relative strength vs SPY. I buy them and place my stop just below the week’s low. They are sorted by current price/price 250 days ago. All of these are at least 1.9x their prices a year ago. Note that 3 of these are residential builders (MHO. PHM, TOL).
Note the weekly green bar on PHM, which is riding its 4 wk average higher (red dotted line). My GLB Tracker table, to the right, shows that PHM is up over 50% since its GLB last April.
The GMI remains Green and is at 6 (of 6).
Blog Post: Day 20 of $QQQ short term up-trend; $HLT retakes green line, see daily chart, also home builders are rising, see chart of $NAIL
HLT had a failed GLB and then closed back above its green line on Friday after an oversold bounce, designated by the black dot. People I know are traveling and staying at hotels. I also noticed this weekend that parking spaces were exceedingly rare at Costco and other local shops. The consumer is back.
Home builders are taking off. One way to play it is the 3x ETF, NAIL.
The GMI is strong and GREEN!
