10th day of $QQQ short term down-trend; oil gave false hopes; REITs–$VNQ

GMI2/6
GMI-20/8
T210837%

UWTI fell on Thursday on higher volume than it rose the previous day, thus contradicting what I said in my prior post.   Perhaps it is better to sit on the sidelines and wait for definitive signs of a turn in oil. They finally got to the strong biotechs on Thursday. I closed out many of my most profitable positions (AGIO, KITE).   I am content to be long a few stocks and to be short the QQQ with SQQQ. IBD sees the market in an up-trend under pressure. I think this is a great time for me to be mainly in cash. Want to know what people are buying?   Check out this daily chart of Vanguard REIT ETF, VNQ near an all-time high:

VNQdaily

 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.