$QQQ beginning to take on a rising bottom to its January range. Chart: 60-min.
“For as long as I can remember, veteran businessmen and investors – I among them – have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock certificates are deeds of ownership and not betting slips. The professional investor has no choice but to sit by quietly while the mob has its day, until the enthusiasm or panic of the speculators and non-professionals has been spent. He is not impatient, nor is he even in a very great hurry, for he is an investor, not a gambler or a speculator. There are no safeguards that can protect the emotional investor from himself.”
~J. Paul Getty
$QQQ remains in a 1 buck chop zone for the moment. Relative strength Vs. the $SPY is very weak. Downside: 66.30, then 66.00, then 65.00 as potential support areas. Upside resistance: the top of this chop zone, 67.30.
Chart: 60-minute, QQQ.