The Worden T2108 Indicator is now at 61%, the highest reading since August 28. This means that 61% of NYSE stocks closed above their 40 day moving averages. This reading places this market pendulum close to the area where tops have occurred (above 70%). There were 11 new highs and 65 new lows in my universe of 4,000 stock on Tuesday. Among the new highs were 5 stocks that have appeared on some of the IBD100 lists I have followed the past year: SJI, SXCI, INSU, ROCM and SHEN. (I own some of these.) These stocks should be monitored for potential market leaders if this rally continues. The QQQQ has completed the 15th day of a short term up-trend. Happy New Year to all!
IBD100
Cash secured puts expire profitably; 9th Day of QQQQ short term up-trend; GMI: 2; GMI-R:4
The GMI remains at 2 (of 6) and the GMI-R at 4 (of 10). The Worden T2108 indicator is 56%, in neutral territory. Three IBD100 stocks hit a new high on Friday: CWT, EBS and SHEN. I own CWT and successfully wrote December puts on EBS in early December.
GMI: 2; GMI-R: 4; options to expire
Thursday was the 8th day of the current QQQQ short term up-trend. The GMI and GMI-R remain unchanged, at 2 and 4, respectively. There were 11 new highs and 40 new lows in my universe of 4,000 stocks on Thursday. Four of the new highs were on some of my IBD100 lists from the past year: DLTR, CWT, SHEN and THOR. These stocks may be among the new market leaders if this up-trend holds. Meanwhile, options expire on Friday, and I believe that all of the cash secured puts I sold will expire worthless, and profitable for me.