Higher Highs Ahead For The Nasdaq-100 Trust (NASDAQ: QQQQ) Says Market Timer Frank Kollar
April 26, 2007
Only three weeks ago we wrote that if the exchange-traded fund Nasdaq-100 Trust (NASDAQ: QQQQ) could mount a decent rally day, with higher volume, while holding above the critical lower support level at $43.00, it could be the start of a sustainable advance.
We have our rally in spades with new rally highs and new six-year highs in the heavily traded ETF. The Qs are approaching resistance at $46.52, which will likely be surpassed considering Wednesday’s high volume rally. That will forecast the Qs to reach at least $47.76 in coming days or weeks. Watch for consolidation and a potential correction to begin at this level.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy currently has a position in the QQQQs.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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