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 Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in the Powershares QQQ Trust.