Filled the Gap - In our last report, we mentioned that it was going to be interesting to see how the QQQQ would react to the first wave of quarterly earnings announcements. As you can see from the chart below, we've haven't seen much of a response yet, but it is very interesting to note that the bulls were able to send the price toward the top of the gap near $44.75. This chart is a good example of how a gap in the price of a security often gets filled over time. It will continue to be very interesting to see how this level of short-term resistance will affect the price action of the QQQQ as earnings season rolls on.