Is the Decline
Over for Powershares QQQ Trust (NASDAQ: QQQQ)? Asks Market
Timer Frank Kollar
February 3, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ)
declined 8.2% in the sell off that started January 20 and
reaching a closing low of $42.79 on January 29. Is the
selling over?
After two days of higher prices, Powershares QQQ has regained
2.0%.
Most corrections, assuming this is only a correction,
play out in three waves. So far there has been only one
wave down, Wave A, and the rally on Monday and Tuesday
of this week has not yet reached levels that we would define
as a rising Wave B.
The Powershares QQQ may have more upside ahead, but we
would then be looking for another wave down, Wave C, probably
to at least the $40.45 level. This is 7.3% below Tuesday’s
close at $43.65.
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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