For 8 of the past 10 trading days, QLD has had lower highs and lower lows, today makes 5 straight days of lower lows. 73 looked good on Tuesday, then 71, then 70, then 69, but so far today's low is 68.96. Do you buy today at 69 only to watch it go to 67 tomorrow? This was 82 two weeks ago. My $76 shares are hurting big time.
We are now (intra-day) a shade below the August low but still about 10% above the March low.
I just bought a bit more to lower my cost from 75 to 73. As you point out, being down so consistently over the last 2 weeks, probability (if nothing else) suggests we're due for something of a rally. But, as they say, the market can remain irrational longer than you can remain solvent. I've got a bit more dry powder, but hope the market turns before I need to use it.
Damn, QLD has fallen 50 cents since I started typing this. I suppose I should research how the NAZ does on days after major (35+ point) drops.