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Wednesday, May 16, 2007

Watching NASDAQ with interest

Having made the determination that the NASDAQ was heading for a fall, I watched today's action in the Powershares QQQ Trust ETF (QQQQ) with interest. Initially, QQQQ was somewhat weak but then we got a good bounce up. Checking the charts, however, I see that we have a lower low and a lower high.

Much of today's action was the result of billionaires buying Dow companies (Bausch & Lomb) or buying stakes in Dow companies (Citi, Union Pacific, Norfolk Southern). I can see that kind of activity pushing up the Dow but it doesn't especially do much for NASDAQ listed companies.

To me, it still looks like the Q is making a top.

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