Powershares Nasdaq 100 ETF (NASDAQ: QQQQ) Holds Up Says Market Timer Frank Kollar
October 23, 2007 (FinancialWire) (By Frank Kollar)
Shares of the Nasdaq 100 Index ETF, Powershares Nasdaq Exchange Traded Fund (NASDAQ: QQQQ) jumped 2% on Monday, Oct 22nd. A strong showing after Friday’s 366 point Dow decline.
The Q’s remain above strong support at $52.36 and in fact, are only 1.5% below their 2007 rally highs. There has been much talk of a severe correction after last Friday’s huge sell off, but the Nasdaq and especially the Q’s are holding up extremely. If the Q’s was the only chart we looked at today, we would have to say the rally is still in full swing.
The target for the Nasdaq advance remains $54.53, about 3% above Monday’s close.
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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