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.
- ► 2011 (40)
- ► 2010 (189)
- ► 2009 (312)
- ► 2008 (266)
- TradeRadar version 1.3 released
- Merger fever returning to REITs?
- Weekly Market Update - down slightly, what's next?...
- Interesting action in IYR
- Intel and STMicro no threat to SanDisk
- Google and Salesforce.com - smart move
- Weekly Market Update - a mixed market
- TradeRadar Software Update to Version 1.2
- Watching NASDAQ with interest
- Look out below - iShares REIT ETF drops today
- Why I think the NASDAQ is in trouble
- Yahoo management makes the right moves
- Weekly Market Update - Momentum Slows
- Flipped from Bull to Bear today
- Cisco - Earnings Commentary
- Weekly Market Update - bulls prevail (again)
- ▼ May (16)
|Disclaimer: This site may include market analysis. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.|