Hard as it is to believe, the QQQ is still in a short term up-trend. According to IBD the put/call ratio was 1.02 at Thursday’s close. This is a contrary indicator. When the p/c ratio is greater than one it indicates option players are bearish. When it gets to this extreme the market typically at least has a bounce. A reading of 1.20 represents very extreme bearishness and is often followed by a rally. We will have to see on Friday whether a reading of 1.02 is sufficient to turn this decline.
Meanwhile, I noticed strength in QCOR, which had a high volume green line break out to an all-time high about 5 weeks ago. This weekly chart shows that QCOR is holding its own through this market weakness. QCOR climbed 1.25% on Thursday. MNK is buying QCOR and shareholders will receive some payment in MNK shares. With MNK rising, so does QCOR.
