Powershares QQQ (NASDAQ: QQQQ) To Test Bottom Says Market Timer Frank Kollar
February 7, 2008 (FinancialWire) (By Frank Kollar)
The Powershares QQQs (NASDAQ: QQQQ) rebounded from extremes of selling in late January and early February, but are again headed lower.
The QQQs are now testing the correction lows, reached on January 23 rd, and in fact made a lower close yesterday, February 6 th.
It is do-or-die time for the QQQs and also for the rest of the stock market. Advances and declines are all part of the trading game, but when strong support levels are breached, the results are almost always lower lows.
So far, the QQQs remain just above those lows, at least based on intra-day trading. Aggressive selling across the board would likely follow a close substantially below $41.60.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy may have positions in the S&P 500 SPDRs and Powershare QQQs.
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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