No, I believe I said I was waiting for a buy signal in the QQQ but would need at least two days for the confirmation ("one day does not a market make"). I have not added it yet but have added to others (perhaps too early) such as STOR, RFMD, JNIC, SCMR, NEON, etc. At present I hold and trade approximately 50 separate issues, many with multiple positions (and I'm behind 5-10% on the average). The QQQ looks very reasonable at 53-54 but I am not as aggressive with a downtrending market. I continue to watch the Q's; 52 is an important support point, imo.
Fundamentally, the market is still anticipating a recession for much of this year. Even if that is the case, mini-rallies will provide long opportunities (albeit quick ones) while shorts continue to make the bulk of the money...until the yearlong downtrend is finally exhausted. I do believe we are closer to short term downside exhaustion (and most of my charts say so, too); close enough, imo, to say downside risk favors prudent longs at this time--MK-- |
