Thus far today the fact that the Q's (Nasdaq: QQQQ) are down about $0.30 is not very impressive if you are looking for some give-back after last week's powerful advance. Put another way, the Q's are holding up extremely well, as if there is very little impetus to bank last week's advance.

Although the lack of selling pressure could be a function of very quiet, vacation-impacted markets during the week prior to the Labor Day holiday, the fact is that the Q's are exhibiting excellent relative strength. Nonetheless, this does not dissuade me from remaining short in our model portfolio for several more trading hours -- if only to see if the Q's press to fill the up-gap area left behind on the morning of Aug 22nd between 47.18 and 47.00.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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