The market has gotten mean and when the market is mean then cash is king. This market is now best left to the Pro’s and very good day traders, IMHO.
QQQ’s are probably the most important sector in the markets today. With AAPL and GOOG under heavy pressure lately, it’s amazing that the Q’s have held up so well. While none of the breadth indicators that I follow are showing significant oversoldness, the RSI on the Q’s 60min chart pushed below 30 today and stayed below 30 for several candles so the Q’s are oversold. The RSI’s on the 60min charts of AAPL and GOOG are also showing oversoldness so these two heavy weights are set up for a bounce, as well.
I appreciate you stopping by. Even though I haven’t really done much in a couple of months, I still get about 30 visitors each day, mostly from the U.S. and Canada but a few from the Scandinavian countries and a couple from India and South America. Hope you’re getting something out of my occasional posts.
Be extra krispy careful.