3rd day of $QQQ short term up-trend; $QCOR strong

GMI3/6
GMI-24/8
T210852%

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.

QCORwkly05152014

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