Thursday, July 14, 2011

Cube-ist Nightmare: What Google Does Post-earnings Determines the Move (QQQ; GOOG)

Google has an approximate 4.4% weighting in the PowerShares QQQ ETF. It is reporting earnings after the close today.
Please note the closing price on the 'cubes' the last three days:
Jul 11 $57.96
Jul 12 $57.52
Jul 13 $57.76
Currently at $57.07.
From Slope of Hope:
The chart of QQQ is really interesting right now. Below is a candlestick close-up of recent activity. As you can see, in spite of bullish efforts to push higher, the bears are still in control (albeit barely). We are below the trendline which, until recently, supported the entire lift from March 2009. Just about any kind of event - - oh, say, like a drop in GOOG after today's close - - would send this index tumbling.