GMI stats are in today’s prior post. It looks like GMCR may be breaking from a nice cup-with-handle base (click on chart to enlarge).
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Seccond day of QQQQ short term up-trend; longer term trend now up too.
The GMI remains at 5 (of 6) but the longer term trend for the QQQQ has just turned up. The GMI did not move to 6 because one of its components turned negative (successful new high index). Nevertheless this market is starting to look strong. So many stocks that I follow or own are now moving up: NTAP, AAPL, APKT, PANL, VRX, ARMH, PPO, AMT, TTM, VIT, NFLX, GMCR. So I am accumulating QLD (the ultra long QQQQ ETF) and waiting to see if this new up-trend can hold. Just in case, I am wading in slowly.
New QQQQ short term up-trend; slowly going long
Well, the GMI is now 5 and the GMI-R is 9. Tuesday was the first day of the new QQQQ short term up-trend. However, I will be much more confident of this up-trend if it can get past 5 days. A lot of growth stocks are breaking out. The leaders AAPL and NFLX resisted the down-trend, a good sign. I am slowly going long, because the QQQQ remains in a longer term (weekly) down-trend.