Powershares Nasdaq 100 ETF (NASDAQ: QQQQ) Takes 3% Hit Says Market Timer Frank Kollar
May 14, 2009 (FinancialWire) (By Frank Kollar)
Shares of the Powershares Nasdaq 100 ETF (NASDAQ: QQQQ) lost 3% on Wednesday May 13 as the week long selloff picked up speed.
Even with the selling, the Qs are ahead some 29% since retesting their bear market lows in early March, but the question remains, when does the selling end?
The Qs are now below their 200-day moving average but remain well above their 50-day moving average. The 50-day average is at $32.26, another 2.4% lower. The 50% retracement for the March-May rally is down at $30.60.
Probable support is at the 50-day moving average if we do not reverse before it is reached. If that support is broken though, expect the declines to reach down to the the $30.60 level in coming weeks.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares Nasdaq 100 ETF .
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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