I am not sure what to make of the intraday action in the major equity market ETFs, other than they are curiously quiet -- on the downside with apparently no buying interest ahead of the weekend. Is today's final hour of trading going to be similar to the last 4 out of 5 Fridays? That is, acute weakness into the closing bell? For one, it seems too obvious, and too quiet to me to argue for such a late session decline.

The way the intraday patterns are setting up (in my judgment) is for the opposite -- a surprising last hour rally that extends that counter-trend rally off of yesterday's low at 42.03 in the Qs (Nasdaq: QQQQ), and off of 131.73 in the SPY's -- S&P 500 Depository Receipts (AMEX: SPY). In any case, I am holding my long model portfolio position in the Q's into the weekend.

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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