The GMI fell one, to 3 (of 6) as the 10 Day Successful New High Index turned negative. The GMI-R remained stable at 7 (of 10). The QQQQ short term up-trend remains intact, having completed its 27th day on Wednesday. There were 60 new highs and 49 new lows in my universe of 4,000 stocks on Wednesday. Meanwhile, ITRI seriously weakened and I am selling my position.
GMI: 4; GMI-R: 7; URBN breaks out; 12 IBD100 new highs
The GMI remains at 4 (of 6) and the GMI-R is at 7 (of 10). There were only 21 new highs and 41 new lows in my universe of 4,000 stocks on Tuesday. Tuesday was the 26th day of the current QQQQ short term up-trend. Holding QLD is a wonderful way to catch this up-trend. Since this up-trend began QLD has advanced by 11.5%, almost twice the 6.2% advance in the QQQQ. In addition, URBN, which I first wrote about on 4/7 at 32.54, broke out on Tuesday, closing at $34.64, an all-time high. I own URBN. Growth stocks are coming to life. Twelve stocks on the IBD100 stock lists I have monitored the past year hit a new high on Tuesday: MA, FLS, ICLR, URBN, WRNC, ISYS, HOS, BMI, GTLS, JST, NXY, SDA. This is a good place to look for leaders in the current rally.
GMI: 4; GMI-R: 8; 25th day of QQQQ short term up-trend; QLD and CMG
No changes in the GMI and GMI-R on Monday. There were 85 new highs and 35 new lows in my universe of 4,000 stocks on Monday. Monday was the 25th day in the QQQQ short term up-trend. I remain long in QLD. I also own puts on CMG.