30 day average is solid red line. QQQ has advanced on only 3 of last 10 days. Hiding in cash and SQQQ, which rose +6.7% on Thursday. On to the Fed speech on Friday.
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Blog Post: Day 7 of $QQQ short term down-trend; 27 US new highs and 75 lows; IBD calls “Market in Correction” ; Cash is king
Time to be in cash or in SQQQ. “Sell in May and go away; come back at Halloween.” A bottom may have to wait until after the September Fed meeting and 3rd quarter earnings are being released in October. Protecting one’s capital is the name of the game right now. The short term trend is down.
Blog Post: Day 6 of $QQQ short term down-trend; 54 US new highs and 78 lows; Collapse of 20+ yr treasury bonds, shown by $TLT, continues
Interest rates continue to rise as evidenced by declining long bonds. The resulting higher rates suck $$$ out of tech stocks and the QQQ. I continue to hide in cash and some SQQQ, which rose 3.3% on Wednesday. See the daily charts of TLT and SQQQ.
