QQQQ stuck below 200 DMA

QQQQ (click chart to enlarge)


While the market remains oversold, it shows no signs of a bounce here and that could spell bigger trouble in the near term. In order to save a complete meltdown, the market will have to quickly get back above the prior support noted above as well as the 200 day MA shown on the chart. For aggressive traders there are a few bullish looking stocks; MGRM, NTGR, GPK and PCLN. ABAX might be ready to bounce too. This environment continues to favor a strong defensive position.

As mentioned yesterday I am traveling this week and will not be posting very often, the videos will return this weekend.