The Q’s (QQQQ: PowerShares) follows the Nasdaq100 and I keep an eye on it, as well, for strength or weakness. On the 60min chart, volume has been decreasing while the price has tried a couple of times to edge up. Now volume doesn’t actually move the price on this, but does show level of interest (I think Chuck has mentioned this before). I bring this to your attention right now, just because it looks like it wants to rollover. Tough to say in a sideways trading range, but I’m very interested to see what it does around 2 o’clock. Stay tuned!
Recent Posts:
- Economic Data and Earnings Schedule for July 27 2010
- Dallas Fed Manufacturing Index – Drops to Lowest Level Since July 2009
- Economic Data and Earnings Schedule for July 26, 2010
- Is The United States Worthy of a AAA Sovereign Rating?
- Crude Oil Market Summary 7/19/2010 to 07/23/2010
- Economic Data and Earnings Schedule for July 23, 2010
More on this topic
(What's this?)
Bonus Trade: QQQQ puts
(Condor Options, 9/25/07)
QQQQ Chart Analysis
(My Trader's Journal, 9/4/07)
Powershares QQQ Trust (QQQQ) - October 26, 2007 - Weekly Chart
(My Trader's Journal, 10/29/07)
{ 1 comment }
I appreciate your big picture view, but you seem to be finding only the weakness in the market. All the leaders that you know well continue to make solid gains and the SPX has upward 5, 9, and 20 day moving averages.
Every Bear is eventually right, but it doesn’t seem that your view is that balanced here. Even on a flat day like today, the leaders are leading, the momo continues (for short term plays) and there are plenty of opportunities.
Good trading!