MARKET UPDATE

By my count, we are in the midst of chalking up our 6th distribution day since June 9th, or the last 14 trading days in the QQQ. This is putting us in an extreme caution mode and we have raised some cash. This could be part of a sector rotation but in any case, a correction in this large cap tech area looks imminent. As a result we are taking a LONG position in QID, the inverse ProShares Ultra Short ETF. We were filled at $17.66. At this point, we will honor the stops on our two remaining profitable longs HIIQ and MDXG.

QQQdistributionQID6292017

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s