Blog post: Day 1 of new $QQQ short term up-trend, closes above 10 week average; 9 stocks near ATH with RS at 50 week high, $CI and $HRMY have GLB; Presenting at TraderLion Conference on 7/16

@ 9:00 pm
GMI2/6
GMI-25/9
T210833%

Stocks near all-time highs (ATHs) with RS at 50 week highs are worth monitoring. All but 2 have a flag indicating they are in my watchlist of stocks recently on IBD and MS lists. They are sorted by current price divided by price 250 days ago. CI and HRMY had GLBs on above average weekly volume, see weekly charts.

My QQQ short term indicator has turned up, U-1. As the GMI table shows, however, the longer term trend remains down. Still, all long term up-trends come after the short term trend turns up. I do not know how long this short term up-trend will last. Nobody knows.  I am more confident if it reaches 5 days. Still, I will nibble at TQQQ and sell immediately if the up-trend ends. I will be presenting next Saturday afternoon at the 2nd Annual TraderLion conference. Check out Day 2 at their youtube site.

Blog post: Friday could be first day of new $QQQ short term up-trend; why this $QQQ rally may be different; how I draw green line for $HALO

@ 8:33 pm
GMI0/6
GMI-24/9
T210834%

This chart shows an interesting short term pattern that makes me think this rally is different from recent ones. I have marked short term tops (T) and bottoms (B). In a declining trend we see lower tops and bottoms. However the most recent bottom is higher than the previous one. We did not get the expected lower bottom. It looks like we now may be getting a higher top. This would be short term bullish if it holds on Friday. Sentiment is so bearish and so many pundits expect more market lows, which makes me think things may be about to turn, at least for the short term.

I received some questions about where to draw the green line for HALO. I drew it at the top of the highest monthly bar even though the stock retreated from the high that month. Some people think it should be drawn at 51.57, the peak reached two months later. I adhere to the rule to draw it at the highest monthly bar, at 56.40. When it crosses that line it is truly at an ATH. I will discuss the rationale for green line break-outs (GLB) at my TraderLion presentation on July 16 at 2:40 PM EST.

Blog post: Day 17 of $QQQ short term down-trend; Still keeping an eye on $LLY as it climbs to another ATH

@ 9:20 pm
GMI1/6
GMI-23/9
T210829%

I wrote on June 26 about LLY having a possible blockbuster drug for obesity and about its strong technicals. Since then, LLY has resisted market weakness and hit another ATH today. I continue to hold a small position in this stock and am monitoring it closely for signs that the big funds are buying, in anticipation of continuing good results from their clinical trial. Bad results would likely decimate the stock.

A nice daily RWB pattern.

And a strong monthly chart with multiple GLBs.

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