- We think the QQQ is no longer overvalued. Over the past six months, the massive value compressions have brought down the tech generals.
- Despite that, we think tech is still not undervalued. Therefore, a deep global depression remains the most significant risk to its valuation.
- Our price action analysis suggests a near-term bottom is on the horizon. We also determine the critical price levels for investors to add and avoid.
- We believe the risk/reward profile has improved significantly for the QQQ. As such, we revise our rating from Hold to Buy.
For further details see:
QQQ: The Bottom Is Near - Don't Fear