21Nov2:06 pmEST

QQQ Devices

The Nasdaq ETF, QQQ, came down for an entire gap-fill from this morning's pop. but is still mildly in the green as I write this. Many chasers on the long side from the morning gap-up appear to be underwater, while I retain my short FB position from $74.09. As you can see on the daily chart, below,  Facebook continues to "lean down" against well-defined support of the 100-day moving average and the major support trendline dating back to the spring months. As such, the presumption is that the social media player will break lower, since the more times support is probed the more likely it is to eventually break. My stop-loss is still over $77. Also note the Russell 2000 Index struggling to hold over 1,180 again, a major level I have been observing for months. Elsewhere, NLNK may be a nice upside mover into the bell, one of the hotter biotechs today. _________________________________ FB

At the End of the Stormy Rai... Countdown to Rio 2016


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