Powershares QQQ Trust (NASDAQ: QQQQ) Breaks Support Says Market Timer Frank Kollar
June 30, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ)
have closed below important support levels in trading on
Tuesday, June 29.
Since the mini-crash back in early May, the Q’s
have had three intra-day lows that reached the $43.50 level.
All of these lows were followed by rising prices during
the week following that low.
On Tuesday, June 29, the Q’s reached intra-day lows
at $43.07 and closed at $43.37.
This is a violation of two months worth of intra-day lows
and will likely result in even lower lows in coming days
and 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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