Breakout Day for Powershares QQQ Trust (NASDAQ: QQQQ) Says Market Timer Frank Kollar
September 10, 2009 (FinancialWire) (By
Frank Kollar)
Shares for the Powershares QQQ Trust
(NASDAQ: QQQQ) have been leading the market higher since
bottoming (closing low) in March.
On Wednesday,
September 9, the Q’s
topped two important resistance levels.
First they decisively surpassed the
50% retracement level of the entire bear market decline.
A remarkable achievement considering there has been nothing
more than one very mild and short correction along the
way.
Second, the Q’s
have broken above their late August trading highs and
also closed above those highs.
Some weeks back
we wrote; “… 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 of the entire bear market decline and
after Wednesday’s
rally it is the next target for this advance.
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.
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but there is no guarantee that future results will be profitable. |
