The Qs have been lagging the broader market for some time, but are now setup in the squeeze with positive momentum. The last squeeze proved to be bearish which was foretold by the negative momentum before it triggered. We now have the opposite situation. The SP500 long squeeze triggered today, which suggests that the rally has further to go, and the Qs will follow suit.
Of course this squeeze setup may prove to be a dud, but what is most interesting is the increasing number of bloggers and analysts who think 2012 will be another year like 2011, or worse, become a bear market. If so, this will be one most highly telegraphed bear markets in history, which makes it all the more unlikely.
The more likely course is that we will see sideways to up action near term followed by a short pullback and then more upside to complete wave Y of (X) in mid to late January. Only immediately failure with a move under last week's low would change this outlook.