Monday, March 03, 2008

Monday Qs

The above chart is short interest in the QID, the ultra short QQQQ ETF. Check out what happened the last time SI crossed price.
Weakness in the Qs continued today with the NAZ100 showing relative weakness to the DOW. There were no new technical developments today and it looked like a narrow range day was in store until the afternoon sell down to S2. The recovery back to S1 into the close kept the Qs from oversold territory, but as noted in Saturday's post, my feeling is that this is just delaying the inevitable and the trend is still headed down.

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