The QQQQ has been the dog of the market over the past week, leading the crowds toward more bearish sentiment figures. Contrarian reading of this sentiment, along with the oversold techicals in the uptrend lead us to believe that the crowd, who has been storing money in money market funds is about to put that money back to work at higher prices.
In other words, so many are expecting a bearish start to the new year, that it is likely just the opposite will occur. We wouldn't be surprised if the market continues to struggle a bit near term, but intermediate term technicals are firming up and show that there is a good chance that the market, including the QQQQ may be ready to breakout.
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