Bearish Outside Reversal for Powershares
QQQ Trust (NASDAQ: QQQQ) Says Market Timer Frank Kollar
September 24, 2009 (FinancialWire) (By Frank Kollar)
Shares for the Powershares QQQ Trust (NASDAQ: QQQQ) came
within a couple percent of their critical 61.8% retracement
level on Wednesday, September 23, and posted a bearish
outside reversal day.
Such days, with higher intra-day highs, lower intra-day
lows and a lower close than the previous trading day, typically
are followed by at least several days of weakness.
Adding the fact that the Q’s reversed right below
a critical resistance level, and it becomes a more serious
matter.
The next few days are crucial. A recovery and no follow-through
to the downside would indicate this was nothing but a one-day
round of profit-taking. If there is follow-through, we
may have a more extended period of selling ahead.
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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