Here is this morning's 60 minute chart of QLD...
Notice the little red candle under the trend line.
Click for a larger image, browser back.
The NASDAQ has fallen out of its bull trend in a big way.
Further, there is a lower high. A lower low is being formed as we speak.
I recommend extreme caution in placing any long positions but keep an eye on the bear stock ETF's like QID, FAZ, TZA, and BGZ. It is still early to jump into these ETF's IMHO, but their time may be coming soon. It's up to you to plan your risk/reward and thus, entry points.
Well, that's not completely true... The exceptions are things like DXO, ERX, and UGA which I continue to hold.
Have you noticed that the price of gasoline is on the rise? I sure did. The price at the pump is an index that I watch. When it goes on the move, I trade UGA. Its so cool! As gas becomes more expensive, I pay more for it but make it back in my trading! Yum!
Note: DXO is up 6% but UGA is only up 2%. Methinks that UGA has some catching up to do.