QQQQ. SPX. Going for broke..? or going broke?

Posted on Oct 16, 2010 by in Letters

http://stockcharts.com/h-sc/ui?s=QQQQ&p=D&yr=0&mn=6&dy=0&id=p39697041562&a=203282119

Impelled by GOOG and AAPl the Q's broke above their April high, which must be taken as a very bullish sign until proven otherwise.  Meanwhile the S&P and the Dow appear to be either at resistance, or overcoming it.  Also awaiting proof.  Even if they overcome this resistance (represented by the horizontal line) they must still do as the Qs do --break the April high.  Which means that if they overcome this resistance they have just entered a larger trading range.  But, hey, there's hay to be made here.

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