The Qs continue to lead the rally from a technical standpoint and have now approached the Nov 08 highs, which none of the other indices including the DIA, SPY and IWM have managed to achieve.
At the current time, all indicators are upslope, having put in extended runs on the LR30 upper channel band and the RSI2 overbought level. The XLE remains the most benign of my little basket, but in spite of crumbling markets, it's still the engine that drives the world economies.
On a little editorial note: on Friday's post I indicated I would be holding my short Qs calls for several days. In fact, I covered those positions early Friday morning and entered again 30 minutes preclose to lock in a few dollars. HEY..never forget the Bucket List rules.
Also, with a little introspection, I'd like to encourage otherwise reluctant readers to drop in the free Market Rewind chat room. Several of the chatters are newbies and are looking for ideas and just trying to put in some face time with the charts. But there are also several battle scarred trader/bloggers in the room who really do trade actively and in many respects it's like having several technical viewpoints looking over your shoulder as we all approach the markets with a little different bias and perspective. The fact that most of us focus on the Qs, XLF and SPY ( and their derivatives) helps narrow the focus. It's a very non-threatening environment for those who want to watch trade setups develop and the subsequent hilarity when we all scramble for the exits as the markets turn or our stops are hit. The chatters also frequently post unique site links that aren't generally found in the mainstream. A tremendous learning resource IMHO and as expressed by multiple guests.