This market is teetering on the edge. I have a few long positions which I have hedged with some call options on QID, just in case the QQQ falls off the cliff. This daily chart of SPY (S&P 500 index ETF) shows a lot of technical weakness. Note the high volume down days illustrated by the red spikes. SPY is now below its critical 50 day average. Six of the last eight trading days have shown declines.
I counted 63 new highs and 318 new lows among all U.S. stocks on Tuesday. Only 29% of all stocks rose. And now we are in that wonderful month of October! With Ebola on the horizon, this market could get sick.