Nasdaq-100 Trust (NASDAQ: QQQQ) Holds Onto New Highs Says Market Timer Frank Kollar
June 19, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Nasdaq-100 Trust (NASDAQ: QQQQ) powered ahead to new highs last Friday. On Monday, in a mixed market that ended with most stocks showing losses, the Qs wound up with a slight gain. Where to next?
The Qs ability to stay at new highs should not be underestimated. Last Friday’s gap higher open and close near the highs was actually a bearish pattern that could have been followed by losses today. Had this occurred, we would be looking for lower lows.
But holding onto these gains invalidates the bearish pattern and again, issues a green light to higher highs in coming days. The target for this advance is $49.22, a strong resistance 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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