I won't underestimate the qqqq's. They are hot and the public is buying the big corporate stocks that make up the Nasdaq 100 as they are drawn back into the market.
Apple and Amazon making new all time highs. So there is little resistance to hold back prices although Apple does have some drag on it. Justified? It matters not. Neither pays a dividend.
Apple hoards their cash. Eventually people will resent having to pay premium prices. And eventually Apple will reach a certain market saturation point. Who doesn't have an IPOD or 2 or 3? Cash-rich companies often are inviting targets for government bureaucrats.
Amazon has an insane P/E and everyone knows it. Which is why it will probably continue to trade higher to the $130's. Its cleared itself of resistance and Joe Q. Public is likely jumping on board.
So I can see a turn in the qqqq's coming but the short term noise will be hard to see the trees.
At any rate, until this rising trendline is broken, one can never be sure...