The QQQQ is back in a short term up-trend and tech stocks rose as mutual funds bought up recent winners. They can then send out their quarterly reports showing how smart they were to own the strong stocks that have done well. The trick is that their reports do not show when they purchased them–often at the end of the quarter long after they have moved higher! So stocks like AAPL , MVSN, CERN and PWRD advanced on Thursday. The strength may last through Tuesday when June ends. Then we may have to wait a few weeks for 2nd quarter earnings to come out to propel stocks higher. For now, it looks like the longer term Stage 2 up-trend in QQQQ is intact and my call options on QLD are doing fine, as are my positions in NTES and HMSY.