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Friday, May 1, 2009

QID's Trendline

QID is of course a very popular Proshares ETF, double inverse QQQQ's, or tech crap. It hit its long-standing upsloping trendline today after a punch thru its BB and forming a hammer candlestick. Its MACD seems to be rounding upwards. This is true of many bearish ETF's. They all have a simliar look some show more positive divergence than others.

Anyways, seemed like a perfect kiss of the extreme trendline and again noteworthy. It gave back its rally and crushed any bears holding from higher levels. I held my QID I bought at 39.70 and doubled down at 37.30. Like all indexes its Bollinger Bands are tightening like a noose. Yet the VIX is still rockin in the 30's which we used to think was bad but is now good because its better than 88 if your a permabull. So something has to give.....

Sooner rather than later, QID should bounce. Its getting too far away from several of its MA's.


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