Breakout for Powershares QQQ Trust (NASDAQ: QQQQ) Says Market Timer Frank Kollar
June 16, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ)
have made a technical breakout in trading on Tuesday, June
15.
Since the mini-crash back in early May, the Q’s
have had three intra-day lows that were higher than the
previous low. Drawing a line through them creates a rising
trend support line.
On June 3 the Q’s rallied to its 50-day moving average
and the rally failed. On Tuesday, June 15, the Q’s
rallied and closed above its 50-day moving average. The
close, on heavy volume, was also above the close on June
3 as well as above the 50% retracement level for the entire
April to May decline.
These bullish indicators, combined with the fourth NYSE
breadth explosion day in four weeks (an indicator we follow
in our Fibtimer reports) points to a substantial rally
ahead for the Q’s, possibly a run to the prior highs
at just over $50.00 a share.
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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