GMI: 1; GMI-S: 25; X and TSO; IBD 100 new highs

The GMI is still 1 and the GMI-S rose to 25.  Still, the trend is down in the major indexes. Gmi0312  Monday was the 10th day in the QQQQ down-trend. In spite of the general market down-trend, two stocks that are bucking this trend are X and TSO, both of which I own.  It remains to be seen how far this bounce will go and I am mainly in cash.  I also own puts on some weak stocks.  The only way to go short in an IRA is through buying put options.

Any stock that could come through the recent market declines and then hit a new 52 week high is showing notable strength.  The following 14 recent IBD 100 list stocks hit a new high on Monday:  JSDA,BTJ,HURN,GLP,DECK,MIDD,TSO,ETP,AVT,BWP,WCG,FDS,SIMO, CCK.  If I were looking for stocks to buy, I would start researching this list.

Blogdisclaimer_17

GMI: 1; GMI-S: 0

The GMI remains at one.  Only 35-40% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 stock indexes rose on Wednesday.  There were only 49 new highs in my universe of 4,000 stocks and 31 new lows.  Only 11% of these stocks are in a short term uptrend and only 34% closed above their 10 week averages.  Gmi0307_1 The QQQQ and SPY are in their second week below their 10 week averages.  The QQQQ down trend is in its 7th day.  I am mainly in cash and looking for shorts.

See my disclaimers at the bottom of my prior post.