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QQQ Nears A 10% Correction (Technically Speaking For 10/4)

Oct. 04, 2021 8:30 PM ETDIA, IWM, QQQ, SPY9 Comments
Hale Stewart profile picture
Hale Stewart


  • Smaller-caps have regained the performance lead in the short term.
  • The 4th quarter could be tough.
  • The markets started the week poorly.

Black Bull and Bear

peterschreiber.media/iStock via Getty Images

The following is from the author's personal notes:

Data from FinViz.com

Above is my shorthand way of tracking the key sector ETFs (top "panel") and major

This article was written by

Hale Stewart profile picture
Hale Stewart spent 5 years as a bond broker in the late 1990s before returning to law school in the early 2000s. He is currently a tax lawyer in Houston, Texas. He has an LLM in domestic and international taxation (MagnaCumLaude). He is the author of the book The Lifetime Income Security Solution. Follow me on Twitter at @originalbonddadYou can read his legal analysis on his law office's blog.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (9)

sgt.red.blue.red profile picture
@Hale Stewart I appreciate your analyses and commentary. I like your spaghetti RRG charts. Someone used them quite a while back on SA, and then I didn’t see them anymore. Maybe, it was you. If it was you, glad to see you using them once again.

I would’ve thought there would be a more of a selloff than has occurred. The charts initially seemed to suggest that there might be. However, I used the selloff opportunity to buy all the way down in TQQQ from the high 140’s to about 121, and some of SOXL. I have made the mistake in the past for waiting for the ‘washout’ selloff which never came and then didn’t get any chips down at any of the lower prices.
metalhead profile picture
Great charts, thanks!
The delta variant is not currently spreading. But your conclusion is correct despite the wrong evidence. Reduction in COVID cases reduces market's excuses and is net bearish.
Been buying a lil bit every day on the dips, will just keep doing so. No sweat
Catduck profile picture
many will go broke trying to time the bottom.
and a lucky few will use the indicators quite effectively. Spreading lies, saying "Mkt timing doesnt work" is a tough sell to his client base of techy chartists. Druckenmiller, soros the bad, and even Buffett all time the mkt (Buffet buys at painful bottoms) all use mkt timing.
chuckmyd profile picture
@Hale Stewart
QQQ usually wags the market’s tail, the SPY has kissed the 50 DMA good bye, the moving averages have almost formed a bow tie down.
Correction vs top? Taking it day by day.
Thank you so much for your insights!
Delta dropping. Even Florida.
Hale Stewart profile picture
@AwokenTheLBC Which is very good news, both from a policy and economic perspective.
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