Blog Post: Day 6 of $QQQ short term up-trend; 52 US new highs and 106 lows; 2 companies with weight loss drugs hit ATHs again, $LLY, $NVO, see daily charts

@ 8:52 pm
GMI4/6
GMI-23/9
T210830%

If their drugs continue to help people to lose weight, LLY and NVO could continue to gain. The risk is that any finding suggesting that these drugs designed for diabetes turn out to produce other harms could rapidly deflate these shares. For now, it is onward and upward for LLY and NVO. Note the GLB in August by NVO on huge volume. LLY had a GLB in April. Both stocks have almost doubled their lows the past year. Their chart patterns are almost identical. The late William O’Neil made a fortune buying Syntex, the developer of birth control pills. Buying disruptive technology can work! NVO has a MarketSmith comp rating=99 and LLY=98.

 

Blog Post: Day 5 of $QQQ short term up-trend; 45 US new highs and 85 lows, 15 at ATH; $IOT is holding Tuesday’s GLB, see daily and monthly charts

@ 8:56 pm
GMI4/6
GMI-25/9
T210831%

IOT had a GLB (green line break-out) to an ATH on Tuesday on above average volume. Will it hold in a weak market? It has a MarketSmith Comp rating=96 and RS=98. IOT is just starting to earn a profit. If it closes below the green line at 31.41 it would be a failed GLB and time to exit. If it then retakes its green line I would buy it back.

Here is its promising monthly chart. It was an IPO in 2021.

 

Blog Post: Day 3 of $QQQ short term up-trend; 166 new US highs, 33 lows and 59 at ATH; my 10:30 weekly charts of $QQQ and $SPY show continuing Stage 2 up-trends

@ 5:44 pm
GMI6/6
GMI-26/9
T210843%

Many fear a weak September, especially with a government shut-down on the horizon. But the market may  defy all and rise anyway. The QQQ short term trend count is now up and the longer term GMI is Green, see the GMI table below. I bought a little TQQQ last week and will add more if the new QQQ short term up-trend holds. I am more confident of a new short term up-trend once it holds for 5 days. My analyses show that about one quarter of new QQQ short term up-trends end within 5 days, so I add more TQQQ very slowly. The last short term up-trend lasted for 70 days and TQQQ ran up +26%. TQQQ climbed much higher than that if one had sold before the up-trend actually ended.

This 10:30 weekly chart shows QQQ in a continuing up-trend. Note that QQQ recently closed (gray line) back above its 10 week average (dotted line). The 10 week average has been rising above the 30 week average for 27 straight weeks, see GMI table below, and QQQ remains in a Weinstein Stage 2 up-trend. So is SPY.