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Any Upside Left for Powershares QQQ Trust (NASDAQ: QQQQ)?

|Includes: PowerShares QQQ Trust ETF (QQQ)

December 2, 2009

Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ) made their last new rally high back on November 16. Since then they have not lost much ground, but they have also not been able to mount a sustained rally.

Is there any upside potential left for the Nasdaq 100 Q’s?

Assuming the prior closing highs at $44.60 can be surpassed in coming days there is still little upside potential for the Q’s. The target for a new high would be at $45.78, only about 4% above Tuesday’s close at $44.01.

If you have a long position, hold it. But new positions have little potential unless the target at $45.78 is surpassed. That would, of course, change the picture.

The ( Stock Timing Strategy holds a position in the Powershares QQQ Trust.