ETF Trends
ETF Trends

Tech stocks were falling hard with the overall market Monday in the wake of the Standard & Poor’s downgrade as PowerShares QQQ (NasdaqGM: QQQ) dropped 5% on heavy volume.

The Nasdaq-100 exchange traded fund is a liquid vehicle for trading a basket of some of the market’s largest technology stocks.

Top holding Apple (NasdaqGS: AAPL) had been holding up relatively well in the sell-off until late last week. [Nasdaq ETF Bounces at 200-Day; Apple Holds Steady in Sell-Off]

Apple shares were down over 4% on Monday and testing their 200-day exponential moving average.

The stock represents 14.3% of the Nasdaq-100 ETF.

PowerShares QQQ


Apple

AAPL chart source: StockCharts.com.

Full disclosure: Tom Lydon’s clients own AAPL.

The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.