NASDAQ:QQQ POWERSHARES QQQ TRUST
Googles earning were well below expectations and may take down the Nasdaq 100. Watch GOOG and QQQ's for direction. S&P could react and follow. Best to wait and react to the movement and not be long or too short in this market. Watch for a break around 109. If we close below this level look for shorting opportunities going into next week.
Everyone is trading with a bit of uncertainty. Definitely watching to see what happens next. I would like to see a nice correction from the QQQ's and S&P500 then back up to new highs. My gut tells me that we will probably take off from here and run out more short positions that are tempted to get into a position early. From a technical standpoint the VIX is dropping so that tells me there is no fear in this market...will probably sucker everyone in to go long and then they'll rip off a sale and dump the markets in the coming weeks so watch out!