To be fair, QQQ is not the only tech-heavy that investors have recently departed. Amid a tumble in semiconductor stocks, the iShares PHLX Semiconductor ETF (NasdaqGM: SOXX) has lost nearly $10 million in assets this month. Investors have also pulled nearly $700 million from the Apple-heavy Technology Select Sector SPDR (NYSEArca: XLK) during a month in which XLK is typically the top performer of the nine sector SPDR ETFs.
Although money has flowed out of traditional long tech ETFs, that does not mean bearish tech funds are seeing massive inflows. In fact, the opposite is true. Since the start of October, theProShares UltraShort Technology (NYSEArca: REW) and the Direxion Daily Technology Bear 3X Shares (NYSEArca: TECS) have seen modest outflows while nearly $98 million has been pulled from the ProShares UltraPro Short QQQ (NasdaqGS: SQQQ), the triple-leveraged bearish play on QQQ.
Powershares QQQ
Tom Lydon’s clients own shares of Apple and QQQ.