Q's Holding Up - Market Analysis for Jul 18th, 2008

Under the circumstances, with negative reaction to GOOG and MSFT, the Q's (Nasdaq: QQQQ) are not acting all that poorly. In fact, the GOOG massacre last yesterday pressed prices right to the 50% support plateau of the most recent rally from 43.30 to 45.82, but has since recovered into the 45.00/10 area. My work is telling me to regard the GOOG press as a correction in a developing low pattern, and that I should be patient during the "bottoming" phase. As long as 43.80/30 support contains any forthcoming weakness, I intend to remain long, looking for a hurdle of 45.90 ahead of a run at 47.00/30.