I would think that at this particular time in the Fed's efforts to build confidence in the efficacy of its policy prescriptions, that one of its own would refrain from making public comments such as, "there may be early signs that the Fed's credibility is weakening."

But, I guess in a bearish period, with the financial system attempting to heal its wounds, ineptitude knows know bounds. Let's have a look at the pattern that is unfolding in the Q's (QQQQ), where prices have returned to test key support in the 43.60/45 area. If violated and sustained, then we should expect additional weakness that presses towards 42.50 thereafter.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.