QQQ Approaches Trendline AND 200-Day, Bounces (a little) QQQ

Anybody else remember when the good folks at Nasdaq quit publishing the P/E ratio for the Nasdaq 100 index?
The P/E was around 90 in January 1999 and got a bit ridiculous as the index rose 101.95% that year.
I think they were embarrassed.
Good times. Good memories of the Q's.
Anyhoo...Here's Schaeffer's Research on the Powershares QQQ ETF (Oct. 30):

...QQQ has been drifting lower since its mid-September highs and, as we can see from the chart below, is testing a key support level around its 200-day moving average. That level also corresponds with trendline support after last year’s August and October lows. It will be interesting to see if those levels hold when trading resumes later in the week and into the final two months of 2012.

Chart courtesy of StockCharts.com

Ticking Higher
While the Qs have been drifting lower over the past six weeks, implied volatility in the options on the ETF have been moving higher. One can easily get a real-time reading on implied volatility in QQQ options with the QQQ Volatility Index. Listed under the ticker QQV (or sometimes $QQV), the index is similar to the widely watched CBOE Volatility Index (VIX). But, while VIX tracks the expected or implied volatility priced into S&P 500 Index (SPX) options, QQV is based on a similar methodology and applied to options on the Qs....MORE

After trading down to $65.74 the ETF is currently up a penny at $65.88.
The 200 day moving average is at $65.21.

See also Oct. 9 "Chartology: Here Comes Your 19th Market Meltdown" and Oct. 19 "The Day the Nasdaq Died (QQQ; IXIC)"