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Nasdaq 100 Nearing 2007 Levels

 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),, Inc. (NASDAQ:AMZN) and, 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.

Gareth Soloway
Chief Market Strategist
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