Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Nasdaq DownMove Not the "Real McCoy"


Although the ProShares UltraShort QQQQ ETF (AMEX: QID) surged to new a recovery high at 54.39 today, the surge was NOT confirmed by my momentum gauge, which is a big warning signal that perhaps the market bears should not (yet) get too excited about camping out on the short side for any extended period. In addition, the pattern carved out off of the Jan 16 low at 49.10 into today's high has a very corrective (counter-trend) look to it, which also warns me that more than likely the upmove in the QID (downmove in the Q's) is not the "real McCoy." For the time being, though, as long as the QID remains above above 53, I will remain somewhat constructive.
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!