Like it or not, or believe it or not, or trade it or not the QQQQs appear to have put in a bottom and to have broken out. Ordinarily we would think this bullish for the other indices, and it might be. But times are parlous. Regardless it behooves readers not to be short, or to be long. Given the virtues of natural hedging scaling in is in order. We pointed this out a while back when it broke out, but as all of us who had Jewish (in our case Scottish) mothers know a little nagging gets the kids to do what is good for them.
Looked at en toto (who is not in Kansas anymore) Qs appear to have put in a double bottom to end their bear market. This makes fundamental sense to us, that technology should lead a renewal. We hate measuring formations. The measurment implications are 37+