45th day of up-trend; Market looks extended

@ 6:32 am
GMI6/6
GMI-R10/10
T210880%

This market looks extended to me after the post-election gap up (see daily chart of Nasdaq 100 index ETF, QQQQ, below; click on chart to enlarge.) I have sold calls on my position in QLD (Ultra long QQQQ ETF) and am not adding any new positions in my IRA trading account.   I would not be surprised to see some weakness between now and the end of December.   Near the end of December we could see strength from end of quarter window dressing by mutual funds and from expectations for the release of 4th quarter earnings. Nevertheless, the GMI and GMI-R remain at their maximum levels. With the market in a longer term up-trend, I remain fully invested in mutual funds in my university pension account.

T2108 at 81%; Lithium ETF (LIT) continues to shine

@ 6:04 am
GMI6/6
GMI-R10/10
T210881%

Their were 937 new highs in my universe of 4,000 stocks on Thursday, the most since April 26 (969) near the Feb-Apr rally’s   peak.   The T2108 is at 81% and it was at 80% at the April peak.   I am not saying the market is at a peak yet, just that when 23% of stocks hit a new 52 week high in one day, the market is heading toward an extreme…..

Check out LIT, the new lithium ETF.   The daily chart below shows it broke out of a recent consolidation.