Wishing Wealth Blog

The GMI remains at a maximum of +6 and the QQQQ is in its eighth day of its short term up trend (U-8) .  All systems are go with the leaders, GOOG and AAPL, moving up again.  It has been a long time since the indexes have been in "harmoney."  The QQQQ is about to complete its second weekly close above its ten week average, the sine qua non for tech stock trading profits on the long side.  51% of the Nasdaq 100 stocks rose on Thursday, along with 39% of the S&P 500 stocks and 20% of the Dow 30 stocks.  I am taking advantage of this up trend while it lasts, probably until first quarter earnings are all released.  Don’t forget the market maxim, "go away in May."  We must watch closely for a top in the tech leaders after April.

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

The GMI remains at +6, as the Nasdaq 100 stocks begin to take off.  The fact that the leaders, GOOG and AAPL, appear to have ended their consolidations is a sign of strength.  76% of the Nasdaq 100 stocks have now closed above their 30 day averages, the largest percentage since  last December 2.  It is clear that the tech stocks have taken over the leadership of the market.  There were 370 new highs in my universe of 4,000 stocks.  Nevertheless, only 60-67% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Wednesday. 

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

Well, I told you that in the past that when I became so frustrated with my trading that I withdrew from the market, we were generally near a short term bottom in the market.  So, thank the "Wish" indicator for detecting the current rally.  The GMI remains at a maximum +6, and the GMI-S and GMI-L indicators are also strong.  We should have known that the market would rally into the release of first quarter earnings.  There were 270 new highs in my universe of 4,000 stocks and between 65-69% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Tuesday.  One half of all stocks are now above their 30 day averages and 69% are above their 10 week averages.  Tuesday was the sixth day (U-6) in the current short term QQQQ up trend….

I entered the Squawk Box stock trading contest; check it out. Maybe one of us will win a Maserati…….

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