Powershares QQQ Trust (NASDAQ: QQQQ) Regains 50% of Bear Losses Says Market Timer Frank Kollar
August 5, 2009 (FinancialWire) (By Frank Kollar)
Shares for the Powershares QQQ Trust (NASDAQ: QQQQ) have regained 50% of their bear market losses since bottoming in March.
The question is; how much further can they rise?
The 50% level is considered resistance by many traders. We would expect some volatility in coming days. But if the Powershares QQQ can make a decisive close above $40.28, look for the rally to reach at least $43.63.
$43.63 is the 61.2% retracement and is critical resistance, traders should expect selling when this level is reached.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares QQQ.
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.
Go to previous Press Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2009, Market Timing Strategies, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
