Blog Post: Day 44 of $QQQ short term up-trend; 108 US stocks at ATH, most since 12/29/2021! See the one chart that tells me if QQQ is in a bull or bear market
This weekly chart shows the 10 week average (dotted line) and the 30 week average (red solid line). The gray line is the weekly close. When the 10 week average crosses above the 30 wk and the 30 wk starts rising we are in a new bull market. The early sign of a possible down turn will be a weekly close back below the 30 week average. These signals have helped me to be in rising markets and out of declining markets since 2000.
Meanwhile the GMI is Green and registers 6 (of 6). It turned green on 3/30/2023. The 10 week crossed above the 30 week earlier, on 3/3/2023.
Blog Post: Day 42 of $QQQ short term up-trend; 158 US new highs and 31 lows; my stock buddy’s concept stock, $JOBY, takes off, see chart and explanation
My stock buddy, Judy, has an extraordinary ability to pick stocks based on “concept.” She researches companies and studies their products, management and technicals. If she loves a concept she buys VERY early and holds on patiently. She focuses heavily on biotechs and has picked some big winners. Several years ago, Judy told me about the electric vertical take-off and landing industry (eVTOL) that was just getting off the ground. She said this was a transformative industry that would allow people to travel short distances by an electric vehicle that required small areas to take-off and land. Imagine commuting to an airport or business meeting traveling above all of the commuters on the ground in cars, at 200 miles per hour. She said I should just buy a few shares of each company as a bookmark and wait to see which one would lead the pack. So I bought some ACHR, JOBY, LILM, and EVTL. She knew that some of these companies had airlines, and even the military, investing in them. Think of an electric helicopter without the large blades, an all-electric air taxi! Well it looks like the leader will be JOBY. Look what happened today when they announced that they had received a valuable certifcation from the US government. It will be a while before these vehicles are deployed but I own JOBY and am holding on with my seat belt buckled. Note the massive trading volume on Wednesday. Concept trading can work! Technicals work too! Note the black dots on the chart indicating an oversold bounce (OSB). JOBY’s ATH reached in February, 2021, is $17.00. When/if it passes that price it will be a GLB (green line break-out). But I’m willing to be early on this one too.
