Chart Talk {The Triple Q's}

Today's chart is of the "Triple Q's".  That's one of the nicknames for the Powershares Nasdaq 100 trust.  That's an ETF {that tracks the top 100 stocks in the Nasdaq.  Its symbols is QQQ*, hence the nickname.  Chart is from of Tradingview.com and you can double-click on it to make it larger if you would like.

Chart is a bit more of a mixed bag.  True it is up since the election, but the performance has been more choppy.  While QQQ is near its highs,  it also gave back most of its post election gains before going on a run about mid-month.  This largely has to do with its components which are heavily skewed towards technology.  Tech hasn't had the run that some of the other sectors have seen.  We'll show a few of those charts in the next few days for illustration.

Because of this choppiness this index isn't as overbought as some others.  It will likely move higher if money rotates into the largest technology names between now and the end of the year.  No reason to say this will happen and I'm not saying anything that should be construed as a guarantee but these large cap tech names are the ones that have been ignored since the election and if they start to be bought then this index will likely be a beneficiary of that move.

*Long ETFs related to QQQ in client and personal accounts although positions can change at any time without notice or dissemination on any other form of electronic media.