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Invesco QQQ ETF (QQQ US)

$US372.65
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What does Bull and Bear mean?

Market Matters View Point?

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Market Matters
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MM remains bullish US equities into 2022

OPINION

Global Indices

Overnight US stocks saw a recovery in the tech space which flags some reversion to yesterday’s fairly aggressive sector rotation. We still see the US tech space testing fresh highs i.e. rallying at least 5% into Christmas – some alarm bells might be ringing for nervous investors but MM remains happy to stay aboard the risk train into 2022.

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US NASDAQ Index

US stocks are bouncing nicely with the “Big Tech” names finally finding some love last week, we remain bullish the NASDAQ initially targeting another assault on the psychological 16,000 area, or 5-7% higher i.e. the trends up and at this stage there’s no standout reason to be believe the latest 8.3% dip by the tech names wasn’t another opportunity to simply “buy the dip” – the successful practice adopted by many over recent years.

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Global Indices

Overnight US stocks enjoyed a very strong session with the tech stocks best of a strong bunch as Apple Inc (AAPL US), Google (GOOGL US) and Microsoft (MSFT US) all rallied by over 2%. MM is still targeting a test of 16,000 for the NASDAQ, another 6-8% higher which should underpin most of the local tech names.

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Global Indices

Overnight US stocks had a mixed session with the Dow struggling courtesy of  a tough session for JP Morgan (JPM US) while the NASDAQ led on the day courtesy of bond yields slipping lower. Our best guess is bond yields and the $US will have a deeper pullback from current levels which should see last night’s moves continue i.e. the resources and tech stocks rally, with our target for the NASDAQ still 8% higher.

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Global Markets

US stocks slipped overnight but we still see the currently out of favour tech stocks constructive, albeit in a rapidly maturing bull market. Our preferred scenario is the NASDAQ comes back into favour and we see a 8-10% rally from current levels but importantly MM is likely to reduce our exposure into such a move both locally and overseas – this be definition probably implies a rest / pullback in bond yields.

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Global Indices

US stocks had a relatively quiet / choppy session overnight but as we keep saying  the uptrend remains intact, our stance has not changed for months – “buy the dips and fade the pops”. The “Big Tech” end of town has led the advance and while another 10-15% pullback wouldn’t surprise all of the surprises / risks remain on the upside with this impressive bull trend.

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US NASDAQ Index

The US tech stocks continue to drag the broader equity market ever higher e.g.  Google Alphabet (GOOGL US) and Microsoft (MSFT US) continue to notch record highs and they represent a whopping 10% of the S&P500! However what’s catching my attention is despite the ongoing rally in the NASDAQ / S&P500 the futures positioning is still net short, implying...

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US NASDAQ 100 Index v US 10-year Bond Yields

At MM we often talk about bond yields driving equities with the acceleration higher by US tech since March, as bond yields continued to slip lower, illustrating perfectly that growth stocks historically revel in low interest rate environments.

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US NASDAQ v DOW Jones Indices

US stocks have largely enjoyed a strong 2021 but the last month has seen some major outperformance from the tech end of town with the NASDAQ rallying ~9% while the Dow Jones has trod water with the drift lower in bond yields the main tailwind for the disparity in our opinion.

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Overseas Indices & Markets

US and European stocks slipped lower overnight with the tech space the main mover falling over -1%, a decline which was overshadowed by Tesla (TSLA US) which tumbled more than 5%.

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ACTION

QQQ US
UPDATED 19/10/2021 17:18
MM remains bullish US equities into 2022
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QQQ US
UPDATED 18/10/2021 17:26
MM’s remains bullish US equities into Christmas, & 2022
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QQQ US
UPDATED 15/10/2021 17:18
MM remains bullish US equities into 2022
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QQQ US
UPDATED 14/10/2021 17:16
MM remains bullish US equities into 2022
Add To Hit List
QQQ US
UPDATED 13/10/2021 17:55
MM is bullish US Tech short-term
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QQQ US
UPDATED 20/09/2021 08:23
MM remains bullish equities into 2022
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QQQ US
UPDATED 02/09/2021 09:04
MM is bullish US Tech into Christmas / 2022
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QQQ US
UPDATED 26/07/2021 16:58
MM believes tech is approaching a period of underperformance
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QQQ US
UPDATED 18/06/2021 17:05
MM continues to believe US tech will continue to outperform short-term
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QQQ US
UPDATED 04/06/2021 09:11
MM remains a keen buyer of tech ~7% lower
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NASDAQ100 ETF

Invesco QQQ ETF (QQQ US) includes 100 of the largest US and international non financial companies listed on the Nasdaq Stock Market based on market capitalization. The Fund and the Index are re-balanced quarterly and reconstituted annually.

The ETF is listed on the NASDAQ under code QQQ US.

For more information – Click here to go to the ETF information page

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US NASDAQ Index
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US NASDAQ v DOW Jones Indices
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NASDAQ 100 Index
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US NASDAQ Index
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Invesco QQQ Trust (QQQ US)
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US NASDAQ Index
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Invesco QQQ Trust (QQQ US)
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US NASDAQ Index
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US NASDAQ Index
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NASDAQ 100 Index
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Invesco QQQ Trust (QQQ US)
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US NASDAQ Index
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NASDAQ 100 Index
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NASDAQ 100 Index
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US NASDAQ Index
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US Nasdaq Index
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NASDAQ 100 Index
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Invesco QQQ Trust (QQQ US)
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US NASDAQ Index
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NASDAQ 100 Index
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NASDAQ 100 Index
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Invesco QQQ Trust (QQQ US)
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US NASDAQ 100 Index
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NASDAQ 100 Index v 10-year Bond yield
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Invesco QQQ Trust (QQQ US)
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US NASDAQ 100 Index
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NASDAQ 100 Index
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US NASDAQ Index
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Invesco QQQ Trust (QQQ US)
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Virgin Money UK PLC (VUK)
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Invesco QQQ Trust (QQQ US)
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Invesco Trust (QQQ US)
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NASDAQ 100 Index
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US NASDAQ Index
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Invesco QQQ Trust (QQQ US)
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Invesco QQQ Trust (QQQ US)
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Invesco QQQ Trust (QQQ US) ETF
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Invesco QQQ Trust (QQQ US) ETF
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Invesco QQQ Trust (QQQ US)
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