On January 9, QQQ began a new short term up-trend and also had a blue dot oversold bounce. Why trade individual stocks when one can trade TQQQ and beat almost all individual stocks during a short term up-trend?
Blog Post: Day 28 of $QQQ short term up-trend; GMI remains Green and at 6 (of 6); $SMCI had a beautiful high volume GLB in January but had a likely climax top and selling last Friday, see daily chart
SMCI had a wonderful GLB on January 19 and rocketed higher. However, note the huge volume on the down day on Friday. This could reflect a similar overbought situation with other high flyers. Be careful. We have had a strong market during the release of 4th quarter earnings. I suspect we are likely to have some weakness into late March until first quarter earnings are upon us. For now, I have close sell stops on my positions. I am unlikely to add anything new now but will look to buy future oversold bounces on any significant market weakness.
