“It’s almost like the rest of the market indexes are now watching how successful this attempt becomes as the others are likely to follow the leader,” he noted. “We also want to keep an eye on what the semiconductors are doing” as sector ETFs such as Semiconductor HOLDRS (NYSEArca: SMH) typically lead the Nasdaq higher, or warn of weakness to come. [Semiconductor ETFs Lead Market on Deal Hopes]
PowerShares QQQ
Full disclosure: Tom Lydon’s clients own QQQ.