Is The Technology Sector Setting Up For A Big Move Higher? (SMH, QQQ, AAPL, AMZN)
Thomas Carreno: This has been a very frustrating market period. August was down. And now here we are in Mid September and the market is not falling apart, just bouncing.
I guess markets are supposed to frustrate people, that is just what they do. Sideways trading ranges have a tendency to make the sentiment very bearish. But for now it seems up will be the next direction.
The Semiconductor HOLDRs ETF (AMEX:SMH) appears to be leading the way up.. then Apple, Inc. (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) and the Powershares QQQ’s (NASDAQ:QQQ) not far behind.
I guess Greece and all of Europe going bankrupt is not going to stop people from buying an iPhone 5. A huge move is coming and it appears that it will be up.
QQQ has been making higher lows but not dramatic higher highs.
The S&P 500 and many other indices look much weaker of course, so we will have to see if the QQQ can manage to pull the rest of them up enough.
The scary thing about the QQQ chart from a bearish bias perspective is that it could measure back up to the old 52 week highs. Crazy markets, crazy swings… this is the environment now…
I started Best Online Trades because I really enjoy trading and I also enjoy writing about trading. Writing about trading or trading strategies helps transfer thoughts that would otherwise stay in ‘theory’ and helps move them to more concrete form for me. And hopefully along the way you will pick up something useful as well. BestOnlineTrades covers many different aspects of trading, from commodities to stocks, from indices to ETF’s.