On Monday, the QQQ ETF, which tracks the big-tech-heavy Nasdaq 100 index, came close to recording a historic run ... very close.
Before Monday, the QQQ had risen in 22 out of the past 26 sessions. That has only been seen in three 26-day sessions ever, the first of which ended last Tuesday.
The ETF has never seen 23 positive days out of 27 sessions, according to a CNBC analysis of FactSet data. It very nearly happened in the 27 sessions ended Monday. But the QQQ actually closed at $143.43, three cents below the $143.46 level at which it finished Friday. To the consternation of at least one number-obsessed reporter, then, the record was eluded by a mere four cents.
The Nasdaq 100 was hurt by the 1 percent drop experienced by Apple, its largest component.
Despite the Monday bummer, the QQQ has enjoyed an incredibly stable and profitable run of late, rising by 8.2 percent since April 21.
Notably, a small number of stocks has powered the gains. Just five stocks — Apple, Microsoft, Amazon, Facebook and Alphabet — make up 42 percent of the ETF. Each of those stocks is up 7 percent or more since April 21.
"I'm concerned with the narrow leadership of QQQ and the Nasdaq," Chad Morganlander, portfolio manager at Washington Crossing Advisors, wrote to CNBC on Monday.
Going forward, "I would start to scale out of the high-beta tech names and look for more low-momentum companies," Morganlander added.
The PowerShares QQQ is the eighth-largest U.S. ETF in terms of market value, according to FactSet data. It is the largest one that focuses on tech, with more than three times the value of the SPDR technology-sector-tracking XLK.
So far this year, the QQQ has risen by 21 percent, while the S&P 500 is up less than 9 percent.
Most tech investors, then, probably aren't sweating the three-cent slide.
