GMI: +4; Internals still weakening

@ 12:01 am

The GMI increased one to +4.  This is because 52% of the 372 stocks in my universe that hit a new high 10 days ago closed higher on Wednesday than they closed 10 days before.  Gmi0125 There were 322 new 52 week highs.  But only 33% of the Nasdaq 100 stocks rose, along with 42% of the S&P 500 stocks and 57% of the Dow 30 stocks.  The percentage of stocks in a short term up trend declined 3, to 46% and the percentage closing above their 10 week averages also declined 3, to 68%.  Wednesday was the third day of the QQQQ decline (D-3).  With the QQQQ below its 10 week average, this remains a good time to sit on the sidelines…….

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

GMI: +3; Market stronger but still in a down trend

@ 12:01 am

The GMI remains at +3, but there were a lot of new highs (333) on Tuesday.  Gmi0124 62% of the Nasdaq 100 stocks advanced, along with 67% of the S&P 500 stocks and 53% of the Dow 30 stocks.  The percentage of stocks in a short term up trend declined to 49%.  But 71% of the 4,000 stocks in my universe remain above their 10 week averages.  Still, the daily QQQQ and SPY indexes remain negative and Tuesday was the second day of the QQQQ short term down trend.

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

GMI: +3; New QQQQ down trend

@ 12:01 am

The GMI fell to +3 on Monday.  Gmi0123 Monday was a feeble rebound from Friday’s severe decline.  Only 47% of the stocks that hit a new high 10 days ago closed higher on Monday than they closed 10 days earlier.  There were 185 new highs in my universe of 4,000 stocks, down from 326 last Friday.  Only 54% of the stocks are in a short term up trend, although 67% are still above their 10 week averages.  Only 18% of the stocks that have doubled during the past year hit a new high on Monday.  Only 47% of the Nasdaq 100 stocks rose on Monday, compared with 57-58% of the S&P 500 and Dow 30 stocks.  Only 38% of the Nasdaq 100 stocks closed above their 30 day averages, down from 71% on January 11.  My indicators lead me to conclude that Monday was the first day in a new QQQQ down trend (D-1).  I do not fight the tape.

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