Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
This is one of the few days of the year the NASDAQ, and especially QQQ ETF, is not leading the charge. Apple (AAPL) is actually down while the S&P 500 and DJIA are the stronger indexes; in fact quite a few leading technology names are in the red. Meanwhile, the most beaten of the “slowdown in China” names are rebounding a bit along with the energy complex which has had a rough week. The S&P 500 is making an attempt to recapture the quickly rising 10 day moving average at 1397.70… the pullback this morning did not go as far as to touch the 20 day down at 1381-ish. That is the level from which this leg of the breakout started, so its an important level to hold for sustained movement.
Speaking of QQQ, I read on another blog it has been up 11 weeks in a row coming into this week. The last time that happened? 1999. Barring a collapse in the next few hours this is going to be week #12. Of course 20% of QQQ is Apple (AAPL) so if this is a comment on the anomoly like strength in the tech / NASDAQ complex or simply a comment on the awe inspiring run in Apple – I don’t know.
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
