Technical Summary: The above chart is of the QQQ ETF which tracks the NASDAQ 100, the largest companies listed on the NASDAQ exchange. The exchange is known for having a weighting towards technology stocks. It is a 20 year chart from 1999 until today and each bar represents one month. The chart on the right is a one year chart. This is a reversal of the order of how we usually do things in the chart. The first thing you notice is on the left hand side of the chart, the huge spike is the internet bubble and the subsequent crash. A warning against blindly buying an index all in one go is that it wasn’t until 15 years later that the index surpassed its previous highs. The global financial crisis is highlighted in the middle of the chart. This looks quite small compared to where we are now, making it easy to forget that the index fell around 50%. The one year chart on the right highlights some of the recent volatility.