Just when so many pundits thought tech stocks were finished, the market may have proved them wrong. QQQ retakes 30 day average. (also 4week and 10 week, not shown)
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Blog Post: Day 12 of $QQQ short term down-trend; 51 US new highs and 58 lows; $QQQ stalls at 30 day average and declines on higher volume
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.
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.
