Powershares QQQ Trust (NASDAQ: QQQQ)
Tests Support Says Market Timer Frank Kollar
January 26, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ)
declined to strong support last Friday, January 22. Will
this widely traded ETF now rally?
The Powershares QQQ reached the 50% retracement of the
November 2009-January 2010 rally at the close last Friday.
Typically this support level either slows a decline or
results in a reversal day if the ETF is going to begin
a new advance.
On the flip side, if shares move lower on Tuesday or break
below $43.60, traders can look for continues declines to
the $40.06 level.
This is the Fib 61.8% retracement support and it is critical
to the rally. If shares close below $40.06, look for a
full blown correction lasting several weeks at least.
Again, if shares reverse at $40.06, a new advance could
begin.
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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