Powershares Nasdaq 100 ETF (NASDAQ: QQQQ) Closes At Critical Resistance Says Market Timer Frank Kollar

December 11, 2007 (FinancialWire) (By Frank Kollar)

Shares of the exchange-traded fund Powershares Nasdaq 100 (NASDAQ: QQQQ) closed right at critical Fib resistance on Monday, December 10th.

The Q’s must make a decisive close above $52.60 in coming days to confirm that the current rally will make a run for the prior highs at $55.

Tomorrow the Federal Reserve meets and it is widely expected they will reduce short-term rates again. Speculation is for a possible ½% cut. Their decision will likely be the deciding factor, at least for the short term, as to whether the Fib resistance level is surpassed, or turns back this two-week stock market rally.

An inability to close above $52.60 in the next day or so does not kill the rally, unless we have a bearish reversal based on a poorly received Fed meeting. But the Qs must close above this level to forecast a run for the highs.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Q's.

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.