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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.21

-1.1%

Nov 6 4:00 PM EST

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To: Sweet Ol who wrote (61780)	11/2/2000 11:22:37 PM
From: Sam Scrutchins	Read Replies (1) of 99985

>>> Because QQQ is the top 100 on the NAZ and $COMP is the whole thing. Similar to the difference between the Dow and the $NDX. <<< Sorry John, but Topannuity is right. The QQQ was up only 1.23% while the $NDX was up 2.58% or about twice the percentage gain. I made several options trades on the QQQ today, and I was surprised to see my options close about unchanged while the $NDX was substantially above the point at which I made the trades. The reason was the relative weakness in the QQQ. This relative weakness was unusual even though the QQQ acts like a closed-end mutual fund. Even though it was up 1/2 point in after hours trading thus correcting to some extent, I am still curious what the apparent divergence portends. It is almost as if the the smart money (which I generally assume the QQQ represents), was selling into today's rally. This may in fact be another indicator of coming weakness beginning as early as tomorrow. FWIW, consider this a sentiment analysis versus a fundamental or technical analysis. <g> Sam

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