Sep 15, 2014
Chinese internet ETF breakdown on the eve of Alibaba IPO?
Chinese internet ETF CQQQ has doubled the performance of QQQ over the past two years.
Speaking of doubles, did CQQQ create a short-term double top of late? Time will tell.
A short-term support line is being taken out today by CQQQ, near the time that Alibaba is about to go public. Of late the Nasdaq is near a 52 week high, while their are more new lows than highs.
No doubt Alibaba will set all kinds of new records as it goes public. Time will tell if the price action of CQQQ is sending an accurate or false message for traders.
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