The GMI fell back to one (of 6) and the GMI-R to 3 (of 10). There were 53 new highs and 63 new lows in my universe of 4,000 stocks on Wednesday. The QQQQ is right on resistance. We need to wait to see if it can break through. ALNY, one of Judy’s favorites, rose 5% on Wednesday. I own a few shares of ALNY.
Judy
GMI: 0; GMI-R: 0; 14th day of QQQQ down-trend; QID up 13%; CPST
The GMI and GMI-R remain at zero each. There were 75 new highs and 526 new lows in my universe of 4,000 stocks on Monday. Monday was the 14th day of the current QQQQ down-trend. During that time the QQQQ has declined 6.9% and the QID has advanced by 13.4%. The QID is a wonderful way for me to make money as the Nasdaq 100 index declines. One can even buy call options on QID or write covered calls on it. In the midst of this decline it is amazing how well Judy’s pick, CPST, has held up. CPST is up 21% during this 14 day QQQQ decline.
GMI: 4; GMI-R: 5; CPST breaks out again
The GMI rose to 4 and the GMI-R fell to 5. There were 114 new highs and 123 new lows in my universe of 4,000 stocks on Tuesday. The QQQQ failed to break through its 30 day average. So the QQQQ is still providing few clues as to its probable direction. Tuesday was the 5th day of the current QQQQ down-trend. Meanwhile, CPST, a Judy's pick at $1, broke out again.