Powershares QQQ Trust (NASDAQ: QQQQ)
Breaks Out Says Market Timer Frank Kollar
December 23, 2009 (FinancialWire) (By Frank Kollar)
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ)
have broken out to new 2009 highs. Powershares QQQ rallied
to the $44.60 level in mid-November and for five weeks
they were unable to surpass these highs even after several
attempts.
On the bullish side, each decline during this five week
time-frame ended with higher lows. This created a wedge
shape pattern that would likely have predictive results
when broken.
On Monday, December 21, Powershares QQQ broke above the
two month resistance line and closed at $44.96. On December
22, Powershares QQQ confirmed this breakout by again closing
with a solid gain at $45.27.
This decisive close above $44.60, the horizontal resistance
line, is a breakout for the Nasdaq 100 Q’s and forecasts
a run to the next resistance level which is all the way
up at $48.64, the 78.6% retracement level for the entire
2008-2009 bear market decline.
The Fibtimer.com (http://www.fibtimer.com)
Stock Timing Strategy holds a position in the Powershares
QQQ Trust.
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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