an tSionna {09.04.12} Nasdaq Qs

Weekly chart of the NASDAQ 100.  {ETF symbol QQQ}Looking at a longer range chart of this index shows that it long ago left the 2008 crash in the dust.  Morningstar shows this up a frenetic 51% in the last four years.  Show this chart to people the next time somebody says that stocks are still under water from 2008.

Much of this gain comes from Apple which is again pushing towards 20% of the index.  Short term QQQ is pushing up towards resistance levels first encountered last March.  

QQQ is overbought like so many other stocks and ETFs right now and is therefore vulnerable to a correction.  Apple's unveiling of new iPhone next week could be a catalyst one way or the other.  

*Long QQQ and certain other indices related to the QQQ in client and personal accounts.  Certain clients of our firm own Apple as well.