Monday, June 18, 2007
QQQQ’s Distribution Days and Blow off Top
As the PowerShares QQQ (NasdaqGM:QQQQ) moves higher, there are some warning signs that the recent bull market in the ETF could be losing steam. Since May, there have been 9 “distribution days”, where the fund sold off on increasing volume. Subsequent positive moves to the upside have been lacking any exciting volume, showing a lack of conviction in the market that the current uptrend will continue.
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1 comment:
Outstanding research! I was thinking the same exact thing.
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