The Q's entered overbought territory after 5 straight up days and got stuffed.Is this a one-day event or a change in character for tech and the overall market? Today's shock was probably enough to induce a short-term downtrend.
I had a sneaky suspicion something was going to happen with the Q's today, but when I placed my buy QID order at $35.45 today around 1pm and I didn't get the feeling that my "hunch" was right. I should have trusted my instinct on this one which was confirmed at 13:51 with the first move up in QID.
Oil keeps defying odds and pushed higher today to $83. OIH has shown strength for 3 straight days closing above its previous range-bound channel.Can it hold?
China rocks on. Despite the negative JP Morgan report on BIDU today and huge Nasdaq sell-off FXI posted a miniscule gain. I think tomorrow it will be a different story with FXI gapping down.
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