Friday’s coy feint above p2=299.25 cracks the door slightly for a shot at 312.99, our longstanding target while the Cubes were cooling their jets for the last three months. They’ve been waiting for the perfect vaccine and, more recently, a clear indication of who will next occupy the White House. The geniuses who are paid to throw Other People’s Money mostly at a half-dozen stocks would have us believe they can live with Biden, but we shouldn’t believe this for a minute. The story has given them cover to distribute stocks, however, until investors come to their senses as they inevitably do, sometimes with such epiphanies spaced decades apart. We can assume for positioning purposes that the next ‘oh-god-what-have-we-done?’ moment is most likely to occur with QQQ cavorting near 312.99. It will provide a speculative opportunity to get short in any event, so stay tuned. _____ UPDATE (Dec 9, 8:30 p.m.): The plunge from within inches of the 312.29 target is mildly bearish. If the selloff continues without pause, exceeding November 30’s 294.78 low, that would turn the short-term picture outright bearish. _______ UPDATE (Dec 10, 6:15 p.m.): Sellers turned docile. Let’s see how they set up for the weekend.
QQQ – Nasdaq ETF (Last:302.44)