More upside surprises - Google leads the way

Wednesday after hours, IBM and eBay reported what seemed like decent numbers, but were unable to inspire the QQQQ to the upside on Thursday.  After hours Thursday however, the market was treated to an "upside shock" with Google doing well.  GOOG was up over 17% and the QQQQ up almost 1.5% after hours, making for a strong Friday.

Upside surprises

Intel et al. surprising on the upside has the bulls back in control.  Although we don't expect this to have much staying power, for now the upside is the dominant theme in the QQQQ.

Selling resuming?

Monday's action combined with last Friday's strong selling seem to be pointing to a possible technical breakdown that could be strong in nature.  We believe the buying strength has dissipated and selling should again take over as the main theme in the QQQQ.