Q's

Remember yesterday I showed two charts, one of XLF and one of XLK and XLK was looking a lot worse, I said, "I'd be using today to look for tech shorts".

Then last night ORCL missed and the Q's were trading down in AH.

Now look at the Q's.

On the daily chart, the QQQ kiss the triangle top goodbye. Today they make a 2.43% move down.

 Here's the intraday chart, nasty looking thus far.

 Here's the distribution in 3C late yesterday near the top and currently in line on the downside move.

 The hourly QQQ chart has been very weak and this is another one of the reasons I've held all the shorts in the model portfolio.  There was the October positive divergence starting the rally, but distribution in to the top and remember, a top is a process, not an event. The recent bounce hasn't moved the 60 min chart at all, it remained leading negative throughout, another reason I felt okay adding shorts to the model portfolio in to the bounce.

 Here's the weakness on a 2 min chart I mentioned in XLK (Technology) yesterday.

The 5 min chart showed the start of accumulation at the start of the bounce, but as expected, distribution set in fast.

We may see an intraday bounce, I''d consider taking advantage of it if it comes.