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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • Powershares QQQ Trust (NASDAQ: QQQQ)? 1 comment
    Feb 2, 2010 5:10 PM | about stocks: QQQ

    February 3, 2010

    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.

    Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in the Powershares QQQ Trust.
    Stocks: QQQ
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  • CitisC
    , contributor
    Comments (5) | Send Message
    Hygs, apwr, both good
    12 Feb 2010, 08:19 AM Reply Like
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