Wednesday saw nice gains based primarily on excellent earnings reports from retailers. The NASDAQ closed just below the 50 day moving average and didn't back off in the final hour. We moved 25% into the ETFs with 75% cash.
Futures are up this morning so we should see the QQQs clear the 50 DMA in the opening minutes. If QQQ closes over the line today we will likely raise our position to 50%.
UPDATE: After a nice green open the inflation bears roared to life when the monthly Purchasing Managers Index came in lower than expected.
The QQQs have backed away from resistance at the 50 DMA.
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