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)
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