4/27/2019 Off to new highs! QQQ still outperforming DIA.

QQQ weekly 4_28_2019.JPG

Please take a look at the QQQ weekly chart above. It has been 18 weeks with only one significant down week, and although QQQ is overbought and due for a drop, these upward moves can go on for a very long time. Since momentum is still pointed up, selling or going short doesn’t make much sense. Buying here is a little bit risky as well, so it might be best just to hold your current positions (or trim them) and look for future developments hinting at a peak.

Like I’ve been suggesting over the last month, buying QQQ and shorting DIA is a good, low risk pairs trade that I still recommend. 

See you next week! 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s