Nasdaq-100 Trust (NASDAQ: QQQQ) breaks Out To New Highs Says Market Timer Frank Kollar
July 3, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Nasdaq-100 Trust (NASDAQ: QQQQ) powered ahead to new highs on Monday, the first day of the July 4 th holiday week and only two days after multiple terrorist attacks on England. Where to next?
The Qs breakout should not be underestimated. Unlike previous rallies where the S&P 500 Index – SPX has led the markets higher, this time the Nasdaq and the Qs are leading the rally. Considering the negative news events of late, rising energy costs and potential inflation risks ahead, the rising Qs are telling us that traders see a different picture, and that picture includes higher highs in coming days.
The next target for this advance is at $49.22, about 3% higher than Monday’s close.
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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