Thursday, November 09, 2006
The election didn't slow buyers down and tech was under heavy accumulation yesterday. The QQQQ has a decent chance of breaking out to new highs from these levels. If it can muster continued buyer support and close over $43.20 for the week at some point this month, we would then likely see the rally into January. A QQQQ breakout would give buyers confidence to start buying up the high beta small caps once again, giving us more faster moving stocks to choose from. Right now the main strength remains in the big caps so patience is needed. Note: We will be taking tomorrow off.