By Mike Paulenoff, www.MPTrader.com
I am not sure what to make of the intraday action in the major equity market ETFs, other than they are curiously quiet -- on the downside with apparently no buying interest ahead of the weekend. Is today's final hour of trading going to be similar to the last 4 out of 5 Fridays? That is, acute weakness into the closing bell? For one, it seems too obvious, and too quiet to me to argue for such a late session decline. The way the intraday patterns are setting up (in my judgment) is for the opposite -- a surprising last hour rally that extends that counter-trend rally off of yesterday's low at 42.03 in the Qs (Nasdaq: QQQQ), and off of 131.73 in the SPY's -- S&P 500 Depository Receipts (AMEX: SPY). In any case, I am holding my long model portfolio position in the Q's into the weekend.