The rebound of the QQQ continues. How far will it go?
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10th day of $QQQ short term down-trend; oil gave false hopes; REITs–$VNQ
UWTI fell on Thursday on higher volume than it rose the previous day, thus contradicting what I said in my prior post. Perhaps it is better to sit on the sidelines and wait for definitive signs of a turn in oil. They finally got to the strong biotechs on Thursday. I closed out many of my most profitable positions (AGIO, KITE). I am content to be long a few stocks and to be short the QQQ with SQQQ. IBD sees the market in an up-trend under pressure. I think this is a great time for me to be mainly in cash. Want to know what people are buying? Check out this daily chart of Vanguard REIT ETF, VNQ near an all-time high:
9th day of $QQQ short term down-trend; $UWTI has high volume bounce–bottom for oil?
I have written that one way to play a possible bottom in oil is to buy the 3X leveraged bullish oil ETF, UTWI. On Wednesday, UWTI rose 10.71% on unusually high trading volume. Check out the daily chart for UWTI. Is this the beginning of a bottom? With so many media pundits rushing to lower their estimates for the price of oil, it may be in bottom territory. (Click on chart to enlarge.)
