Possible drop in Jan.: cap gain deferment & window dressing
I like PXQ and may well buy some soon. But I note possible year-end/quarter-end window dressing and year-end capital gain deferment. Enough investors and even traders may be waiting for January to sell and thus defer capital gains taxes until 2011 tax year (although cap gain tax rates will stay static, deferment still often occurs so that one doesn't have to part with the tax payment as soon) that early January could be a down time for PXQ.
Another thing to be alert to might be window dressing, although this IMHO is less a concern than 2011 selling pressure from capital gains deferment. Volume yesterday exceeded average volume, amazing for the holiday week. Volume this Wednesday was also decent, roughly 90% of average volume according to Yahoo Finance. Is a significant amount of it window dressing?
Again, PXQ looks good to me in the intermediate and long term. But you may wish to consider the above and not be anxious to buy today.
Given the upward price action on high volume exceeding SPY, QQQQ and DIA, the concerns of my early post may well be counterweighed by other factors. I bought some PXQ 12/31/10 and happened to buy at the low point for that day. So I am long now, and IMHO this will be a good ETF for 2011.