jmboyer1
Short

QQQ Throwback to Ascending Wedge/Channel

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
135 0 0
Was reviewing QQQ/drawing trendlines and noticed this.... QQQ             broke down throught ascending wedge/channel on 4APR and today 5JUN broke up through it. Usually when that happens it hangs there for a day/two then reverses back to the original trend (i.e. down). Fully expect QQQ             to move back DOWN through channel in next couple of days (NFP report tomorrow, FWIW).
20JUN14: QQQ             continues to "rest" on this trendline after throwback...but expect it to break down through it anytime now (today or Mon?)....is similar for SPY             and R2K ( IWM             ). IMO             , short is far & away best risk/reward scenario right now.
12AUG14: QQQ             broke down through trendline on 7/30 or 7/31 (your preference) and now kissing underneath of trendline ....would expect it to fall away (down) relatively soon
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