Nasdaq 100 ETF (NASDAQ: QQQQ) Breaks Out Says Market Timer Frank Kollar
November 29, 2007 (FinancialWire) (By Frank Kollar)
Only yesterday we wrote that there appeared to be a pennant formation developing on the chart of exchange traded fund Powershares Nasdaq 100 (NASDAQ: QQQQ). On Wednesday, that pennant was broken to the upside with a 3% rally in the Q’s.
The pennant formation, inverted in this case, with the pennant bottom around the $49.20 level and with ever-lower daily highs marking the top of the pennant, has been decisively broken to the upside and it appears a bullish near-term should be expected for the Q’s.
Considering the current volatility, with daily swings in the Dow Industrials of over 100 points or more commonplace, we would not yet say an all clear has been issued for the stock market. Rather, the short term can be expected to see higher highs.
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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