Powershares QQQ Trust (NASDAQ: QQQQ)
Power Higher Says Market Timer Frank Kollar
September 17, 2009 (FinancialWire) (By
Frank Kollar)
Shares for the Powershares QQQ Trust
(NASDAQ: QQQQ) regained 50% of their bear market losses
in late July, but that level, at $40.27, proved to be ceiling
until last week.
The Powershares QQQ could not push above
the $40.27 level for over a month but last week broke above
the 50% retracement level, powerful resistance, and has
now closed higher seven days in a row.
The question is; how much further can
shares rise?
Even though the stock market is overbought,
look for the Powershares QQQ to reach the $43.75 level.
Though a pullback is overdue, this level should be reached
in short order.
But, $43.75 is the Fib 61.2% retracement
of the entire bear market decline and is critical resistance.
Expect strong profit taking when we reach it.
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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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. |
