The PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQQ) has soared over 25% in the last ten weeks. In that time, stocks like Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Baidu.com, Inc. (ADR) (NASDAQ:BIDU) have hit all time highs day after day. As this index continues to move higher, amazingly it is soon approaching the 2007 highs at $55.07. The QQQQ is currently trading at $53.71, -0.03 (-0.06%). While extended and near this double top, it is hard to imagine a major sell off unless another major shoe drops. The Federal Reserve has this market wrapped around its finger and does not want any fall to happen, other than a minor pull back.
Chief Market Strategist