Support Fails for Powershares QQQ Trust (NASDAQ: QQQQ) Says Market Timer Frank Kollar
February 24, 2009 (FinancialWire) (By Frank Kollar)
In a dismal stock market, one ray of light over past weeks has been the Nasdaq, and the Powershares QQQ Trust (NASDAQ: QQQQ). But in Monday’s February 23 selloff, it too has joined the ranks of those now below support.
Powershares QQQ had been holding above their January lows, at $27.96, while the S&P 500 was all the way down at its Bear market November 2008 lows.
But Monday’s decline has pushed Powershares QQQ to below this support, and this forecasts a continued decline to $25.56 in coming weeks, also testing the November lows for the Qs.
Monday’s decline also dropped the S&P SPDRs (SPY) to below their November lows, so all is in place for lower lows ahead for the stock market.
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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