Qs on the Edge
by Sam Collins 02/05/09
Powershares QQQ Trust (QQQQ) -- This trust holds all of the component securities of the Nasdaq 100 Index and, since the stock market's low on Nov. 21, it has formed a "V" bottom, breaking the downtrend line and trading sideways.
More Trader Alerts
Recently the Qs have been pulling in some buyers -- note the green volume bars -- and the index is now above its 20- and 50-day moving averages.
With the stochastic moving up, the pattern could either break to the upside with a target of $35 or continue in the sideways pattern.
Get Sam Collins' Daily Trader's Alert e-mailed straight to your inbox each morning before the opening bell absolutely FREE!
In addition to getting instant access to his Trade of the Day, you'll also receive, in the same e-mail, his Daily Market Outlook so you can start your day off right by positioning yourself for profits!
Click here today to sign up today for Sam's FREE Daily Trader's Alert!
Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.
More By This Expert
Investors Should be Back on the Defensive
Yesterday's triple-digit loss puts the indices very close to some major technical break points.
Powerful high-volume buying is making the ProShares UltraShort Financials (SKF) look like a good day trade.
Should You Jump on the Rally Bandwagon?
I agree that the last hour of buying on Friday, especially buying in the blue chips, was quite impressive. But the reversal barely occurred, with the S&P 500 gaining just over 3 points.
DEE is a very volatile, speculative ETF that is designed for the day trader.
The One Place You Do Not Want Your Money
This is time to cull, not sell everything, but there is one sector you want to avoid at all costs right now.
