Strength for the NASDAQ Composite and QQQ is trickling down to other ETFs, too. On Monday, fewer than 20 ETFs hit new all-time highs, but included in that group were five NASDAQ-related ETFs. The Ultra QQQ ProShares (NYSEArca: QLD) and the ProShares UltraPro QQQ (NasdaqGM: TQQQ), the double- and triple-leveraged equivalents of QQQ, were in the new all-time high group.
Even the First Trust NASDAQ-100 Ex-Technology Sector Index Fund (NasdaqGM: QQXT), which as its name implies excludes tech stock, hit a new all-time high Monday on volume that was more than double the daily average.
Said another way, no Apple, no Microsoft, no problem for QQXT. QQXT’s bullishness also bolsters the case for biotech’s resurgence as the ETF is overweight health care by about 670 basis points relative to QQQ. [An All-Time for This Nasdaq ETF]
Tom Lydon’s clients own shares of QQQ, Apple and Facebook.