I told you that 40% of new QQQ short term down-trends end within 5 days. This may be one! The longer term GMI has remained GREEN throughout this period. Let’s see if this Fed induced bounce will hold.
For many years I have posted an analysis showing how the 3x leveraged ETF, TQQQ, outperforms almost all individual stocks during my QQQ short term up-trends. Les Masonson has just published an extraordinary analysis of these ETFs and several TQQQ trading strategies.This book should be in every trader’s library. While I knew how solid Les’ prior books have been, I was unprepared to read the extensive backtesting and analyses of leveraged ETF trends and their history that this book provides. I had no idea there were so many different ETFs based on QQQ. You can read my review of the book on Amazon.
There were so many stocks that bounced from oversold on Friday. I am waiting to see which have a nice follow through this week. If we get a new QQQ short term up-trend, I may gradually accumulate TQQQ.
