The charts are showing signs that tech could pull back in the near term
Written by Emily J. Thompson, Senior Investment Analyst
Source: CNBC
Market Overview: The growth trade has surged 40% since April, indicating a potential secular bull market, but a short-term pullback may occur. Investors should assess their perspectives and objectives when considering hedging strategies.
Investment Strategy: Todd Gordon plans to implement a short hedge using the ProShares Ultrashort QQQ ETF (QID) to protect gains, while maintaining a long-term bullish outlook on technology driven by AI, despite potential profit-taking ahead of earnings reports.
Analyst Views on QID
Wall Street analysts forecast QID stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for QID is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 19.810
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Current: 19.810
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
