Blog Post: Day 41 of $QQQ short term up-trend; 143 US new highs, 26 lows and 63 ATHs; Window dressing upon us–beware, $QQQ, $SPY have black dots, see charts

@ 9:44 pm
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Well, window dressing came a day later than I expected. This is when many of the strong stocks are bought up by mutual funds so their quarterly reports look good. However, it ends by Friday and maybe even Thursday, if many people exit early. Then we may get  beginning of the month weakness for two weeks until earnings start being released. So I bought a few things Tuesday and placed close stops in case they reverse quickly. Only 4 of the 9 very sensitive indicators in the GMI2 are positive. QQQ even had a black dot, signifying an OSB (oversold bounce) after a recent yearly high. Resistance could be at the upper 15.2 Bollinger Band at 373.17. So did SPY.

Blog Post: Day 39 of $QQQ short term up-trend; GMI declines to 4; list of 9 stocks that passed my weekly green bar scan–includes $AAPL, see chart; window dressing upon us?

@ 10:05 pm
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This scan looks for stocks in an up-trend (4wk avg>10wk>30wk) that reached a recent ATH and reached a 20 week high in relative strength and bounced up off of their rising 4 week moving average. If I buy on this setup I exit if the stock looks like it will close the week below the low of the week the setup was triggered. For example, the stocks on this list should not close the week below their last week’s low. The list is sorted by close/lowest price past 250 days. Note the several construction related stocks on the list.

 

Here is the weekly chart of AAPL as an example. Note the last price bar is green and how AAPL has closed above its 4 wk avg. (red dotted line) every week since March. This is the pattern of a strong advancing stock.

 

 

The market weakened last week, as demonstrated by declines in the GMI and GMI2. However, the short and longer term trends of QQQ are still up, for now. This week is the end of the 2nd quarter and we may see strength in strong stocks during this mutual fund window dressing period so that quarterly reports make fund managers appear to be smart stock pickers. The end of quarter reports show portfolio holdings, but do not say when they were purchased or at what price.

Blog Post: Day 37 of $QQQ short term up-trend; see list of 10 doublers that reached an ATH on Wednesday, and the daily charts of $BLDR and $PHM show my new OSB indicator

@ 10:43 pm
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These stocks from my IBD/MS watchlist all at least doubled their lows the past year. See list sorted by last column, close/low price past 250 days. Note the predominance of construction stocks.

This daily chart shows my new oversold bounce (OSB) indictor, designated by a black dot. Note also the green line break-out (GLB) last April.

And PHM, black dot and GLB!