Tuesday, October 16, 2007

QQQQ notes

Let's play out the scenario that the SPYs are hitting a double top and will sell-off over the next market period. Here are two charts of the QQQQs. Assuming they sell-off in sympathy notice the Fibonacci levels from the beginning of this run are either at or slightly below previous highs. Those are the kind of downward moves that could unnerve traders.