None of QQEW’s holdings account for more than 1.2% of the ETF’s weight and the fund’s combined exposure to Amazon, Apple and Facebook is barely more than 3%.
Home to nearly $473 million in assets under management, QQEW holds 107 stocks and tracks the NASDAQ-100 Equal Weighted Index. The ETF turns 11 years old later this month.
Year-to-date, investors have added nearly $270 million in new assets to QQQ. Just four PowerShares ETFs have seen larger 2017 inflows.
“A historical look at these types of reversals yields some fodder for both bulls and bears. Perhaps most importantly, though, it fails to confirm the widely accepted notion that yesterday’s type of action is a reliable predictor of further trouble in the market, despite the ugly candlestick and its scary-sounding descriptions,” according to ETF Daily News.
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Tom Lydon’s clients own shares of AAPL, AMZN, FB and QQQ.