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The QQQ reversed down from resistance on Tuesday.   With AAPL rebounding after hours it remains to be seen whether this strength will rescue the QQQ on Wednesday. The SPY and DIA are much weaker. Wednesday’s close of the QQQ will be very important to discerning the short term trend of this market.

Maybe I should go fly a KITE.

Tuesday night we learn whether AAPL’s earnings can lead the QQQ through resistance.

Meanwhile the bio-techs continue to show strength. My readers know that I rarely buy cheap stocks. I do make an exception when my extraordinary stock picker buddy, Judy, tells me about a small, young company that has a promising product. Enter NVIV and its spine tingling surgical implant (pun intended). She, and then I, have been nibbling at NVIV. The company has created a medical device that has shown some early unexpectedly good results. The company also has a very good medical pedigree. NVIV is very speculative, but when I look at the volume spikes on this daily chart, it is clear that there is some major buying interest. At $2.09 per share, it is probably a better use for my money than buying a lottery ticket…..

IBD says market up-trend has resumed.   A strong day on Friday could result in a new QQQ short term up-trend and a Buy signal from the GMI. The QQQ still has not broken out of its descending channel, shown by the magenta lines below. Will it happen on Friday?