The QQQs May Not Be Ready to Give Up Yet

Prior to Friday's action, the QQQs looked to be forming a very nice double top. However, with Friday's rally, we may instead be looking at some bullish consolidation within a rising broadening pattern. I would like to see classical topping patterns develop on QQQ and SPY, so I will have to be patient.

I do not expect any serious upside to last long, if we do go up. I remain extremely bearish on the markets and will not be surprised if the markets completely fall apart on a moment's notice.