Higher Highs Ahead for Powershares QQQ Trust (NASDAQ: QQQQ) Says Market Timer Frank Kollar
January 8, 2009 (FinancialWire) (By Frank Kollar)
Although shares of Powershares QQQ Trust (NASDAQ: QQQQ) took a substantial hit on Wednesday, January 7, losing some 3% by the close, the Q's should be moving higher soon.
Powershares QQQ closed above critical resistance at $30.60 a share on both Monday and Tuesday of this week, forecasting a run to the prior rally highs at $33.75 a share.
Wednesday’s decline was also accompanied by a gap down open that will likely be filled in short order.
After $33.75 is reached, there is likely to be a period of consolidation and possibly a correction. But until then, higher highs should be the order of the day.
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.
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.
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