A quick inspection of the benchmark Nasdaq ETF QQQQ shows two things rather clearly: the short term trend has been well and truly disturbed, whilst the long term trend has naturally barely budged. What we are watching now is the middle ground, so to speak. We have just seen the second bearish signal of 2007 on QQQQ, the first occurred in late February prior to that nasty fall. A swift recovery from the current one would indeed be impressive. So we will watch this space on high alert.
