Stock Market Technical Indicators & Analysis
The pundits who say you can’t do well holding a 3X leveraged ETF, like TQQQ, are nuts. It is the best way to profit from a long up-trend. In the same time period since the GMI turned Green, $AAPL +76.3% and $TSLA +177.1%. Much easier to just buy the 3X leveraged index ETF TQQQ than to find in advance the rare stock like TSLA that will out perform it.
Buying stocks at new highs has been a difficult strategy lately. Thursday and Friday fewer than 100 US stocks hit new highs, compared with 100-200+ in many days in July. Last January we had 409 stocks at new highs. Some market indexes though near record highs, do not reflect how many stocks are performing. On 3 of the last 5 days last week fewer than 50% of the NASDAQ 100 stocks rose. However, this daily RWB chart shows that the QQQ has still closed (dotted line) above all 12 averages. Put/call ratios are very low and sentiment is quite bullish, both contrary indicators. Being a chicken, I am still content to be on the sidelines for a while.
Weekly chart shows above average volume last week on GLB (green line break-out to ATH). Triple digit EPS % growth expected in 2020. If I owned it I would sell on a close below green line (140).
