The market opened gap down today and never recovered. I still believe we are in a bullish environment and this is a consolidation day, as most stocks were lighter on volume today than they had been in the past week. Around 11:30 I bought to open 100 shares of QLD at market for an average fill price of 27.56, paying $2,761 dollars after commissions. The Q's (Ticker QQQQ) follows the NASDAQ 100 and is composed of pretty much the largest non financial stocks out there. It didn't make new 52-week lows in February like the S&P and Dow did, so obviously financials were weighing heavily on them. QLD is a 2x ETF that tracks QQQQ.
I set a stop at 26.9 today, which was just under the 27 area of short term resistance. The stop didn't hit today, however QLD closed near its low at 27.09.
If the market continues its weakness tomorrow, I may sell the shares for a loss, or perhaps write a covered call against them. We shall see.
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