POWERSHARES QQQ TRUST SENIOR 1 ETF (QQQQ) 43.44 -$0.22 (-0.50%) 09:13PM (15 mins delay)

At the Bull-Bear Crossroads

Nov 06, 2009 - 2:25 PM EST

Trader Mark submits:

Many things we are seeing now on the charts are similar to what was happening mid-summer. Many of us (hand raised) were excited about a potential "head and shoulders" formation that was in process of being created. (What the heck is a head and shoulders? See here) Literally, we were a handful of S&P points away from this formation completing, but on a fateful Monday Meredith Whitney upgraded Goldman Sachs (GS). The next day, Intel (INTC) reported and bears were steam rolled as we went on a 3-month rally.

In the past week we've once again broken below that 50-day moving average, which should have been bearish. On top of that, there have been 5 (6?) intraday reversals which should have been bearish.

Complete Story »

Source: Seeking Alpha (Nov 06, 2009 - 2:25 PM EST)