With the failure of Wednesday’s rebound, the indexes are likely to enter short term down-trends on Thursday. This is the time to step away and watch from the sidelines. This daily chart of the QQQ shows it broke below support on the highest volume in months.
The longer term trend of the QQQ remains up, however. I have very small positions in my trading accounts. My university pension remains invested in mutual funds for now. With the put/call ratio at 1.11 and the T2108 at 22, we could see at least a short term bounce very soon.
One recent green line break-out stock had a great day on Thursday. Check out this daily chart of AGIO.