GMI: 5; 71% of universe gt 10 wk avg

@ 7:46 am

The GMI is still at 5 and there were 203 new highs in my universe of 4,000 stocks.  Only ten stocks hit a new low.  47-57% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Thursday.  71% of the stocks in my universe are now above their 10 week average, up from 23% on July 17.  Gmi0831 53% of the IBD 100 stocks from 8/14 rose, indicating that these types of growth stocks are still not yet outperforming the other stocks.  People are still skeptical of this market.  However, the QQQQ has now closed for three weeks above its ten week average.  If the QQQQ can close above its 30 week average the GMI will turn 6.  I am still accumulating QLD because I am more confident of the general Nasdaq 100 index trend, than of picking individual stocks.  There is still a lot of whip-sawing back and forth on stocks breaking out.  This is not the time to be on the short side.

Please send your comments to:  silentknight@wishingwealthblog.com.

GMI: 5; 245 new highs; Buying QLD

@ 9:09 am

The GMI remains at 5, and there were 245 new highs in my universe of 4,000 stocks.  Gmi0830_2 50-64% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Wednesday.  Wednesday was the ninth day  in the current QQQQ up-trend.  I am buying the QQQQ ultra ETF (QLD, see yesterday’s post) as the Nasdaq 100 stocks continue to establish an up-trend.  As this up-trend matures, I will add specific individual stocks.

GMI:5; GMI-S: 100; QLD at twice the speed of QQQQ

@ 12:01 am

The GMI is still at 5 and the GMI-S is 100, indicating that all of my short term indicators for four primary stock index ETF’s (SPY, DIA, QQQQ, IJR) are positive.  53% of the Nasdaq 100 stocks advanced on Tuesday, along with 63% of the S&P 500 and 67% of the Dow 30 stocks.  Gmi0829 There were 183 new yearly highs in my universe of 4,000 stocks and only 21 new lows.  59% of stocks are in an up-trend, up from 15% on July 14.  Tuesday was the eighth day in the current QQQQ up-trend.

Did you know there are relatively new ETF’s that allow one to bet on twice the percentage move  of major indexes and that these ProShares ETF’s  just surpassed a million share day?  If we think the QQQQ train is moving up, we can jump on QLD and travel at twice the speed of the index.  But remember, QLD can move twice as fast in both directions……..

Please send your comments to:  silentknight@wishingwealthblog.com.