Higher Highs Ahead
for Powershares QQQ Trust (NASDAQ: QQQQ) Says Market Timer
Frank Kollar
January 12, 2010 (FinancialWire) (By Frank Kollar)
Shares of the Powershares QQQ Trust (NASDAQ: QQQ)) have
been on a tear these past few weeks, breaking out above
resistance during the two end year holiday weeks and then
continuing higher in the first week of January 2010.
But the Q’s likely have further to go before there
reach a level were sellers can slow down much less stop
the advance.
When the Q’s closed above the 61.8% retracement
level at $43.60 they began their march to the next resistance
level, in this case the 78.6% retracement at $48.64. This
is 4.9% above Monday’s January 11 close.
$48.64 is also our current target for the Q’s and
it should be reached in the coming weeks.
The Fibtimer.com (http://www.fibtimer.com)
ETF 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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