With futures rallying almost 1.7% already QQQ is poised to take out the all time high price. If we get another high unemployment weekly report and further deterioration of economic leading indicators that will be the catalyst to push even higher. The worse the data is, the higher we push.
IMO, the unemployment data is irrelevant to the Tech heavy QQQ's. This index is built for the new economy where the gap between the have's and have not's becomes a canyon. The companies in this index are thriving serving the haves in the current environment we find ourselves in. I jettisoned my own bearish thesis to reach this conclusion. Only geo-political unrest will disrupt the uptrend.