Nasdaq-100 Trust (NASDAQ: QQQQ) Break Out Says Market Timer Frank Kollar
May 22, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Nasdaq-100 Trust (NASDAQ: QQQQ) has finally broken out above a strong resistance level as well as above highs that have held this ETF in check since late April.
The Qs made intra-day highs at $47.27 well above prior rally highs at the $47.00 level. Although the Qs closed just a fraction above $47.00 a share, it was nevertheless “above” the old level, and that is technically bullish.
If the Qs already closed above Fib resistance at $46.52 on several occasions this month and that forecasts a run to at least the next resistance level at $47.76. The strength displayed in Monday’s advance should push the Qs to the $47.76 level in short order. A decisive close above would be very bullish for continued gains in coming weeks, but look for profit taking to slow things down soon, though not stop the rally.
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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