I’ve decided to go home with a modest net long position in QQQ. Again, anything can happen here & with volatility extremely high, it would be prudent to keep position sizing on the lighter side for the time being.
With that being said, I’ve run through the top components of QQQ & SPY and most are trading just above decent support levels. Ironically, the 800 lb. gorilla in the room (AAPL) is trading just below key resistance… just one more reason to be cautious. I wanted to get this post out before the close so I didn’t have time to post the charts of those leading stocks but will try to do so later today.
To summarize, I remain intermediate & longer-term bearish but favor at a near-term bounce that could last for hours, days or even weeks and should be good for at least several percentage points although that bounce hinges on the aforementioned support levels holding.