QQQQ's

The market is currently very oversold but this coming week will make or break the market as we have a lot of big name companies reporting earnings. Some key stategists believe we will see the market snapback this coming week because of the very oversold conditions. I know a few traders that went long on the QQQQ's toward the close on Friday hoping for a bounce on Monday. If the earnings reports from the big tech companies come in flat and don't meet analyists estimates then I would consider shorting the QQQQ's as we could be headed lower.

QQQQ Chart