ETF Trends
ETF Trends

An exchange traded fund following the Nasdaq-100 was off more than 1% on Friday in an uninspiring close to the week as top components Apple (NasdaqGS: AAPL) and Cisco (NasdaqGS: CSCO) sapped the tech sector.

The highly traded ETF is nearing a test of its 200-day moving average. A failure to hold at that key technical level would embolden the bears.

Apple and Cisco account for 12.3% and 3.4% of the Nasdaq ETF, respectively. Both stocks were down more than 1% in Friday’s sell-off and Cisco shares saw a fresh 52-week low.

The fund was up 2% so far in 2011 as of Thursday’s close.

PowerShares QQQ (NasdaqGM: QQQ)

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.