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Powershares Nasdaq 100 QQQ Trust (NYSE: QQQ) Confirms Rally

January 6, 2012 (FinancialWire) (By Frank Kollar)

Shares of the ETF Powershares Nasdaq 100 QQQ Trust (NYSE: QQQ) broke above and closed above its prior rally closing high of $57.24 (December 5) on Thursday, January 5 by closing at $57.61.

The QQQ has also closed above both its 50-day moving average and its 200-day moving average. Both moving averages were surpassed in Monday’s gap-up open and subsequent rally.

The QQQ has not been a market leader as is often the case in a new advance. The big-caps have so far led the rally with the S&P 500 SPYDRs (SPY) the strongest diversified big cap ETF.

A long position for the QQQ with a sell stop at just below $54.00 would be a low risk entry point for a potential rally ahead.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares Nasdaq 100 QQQ Trust.

Posted on January 05, 2012 in Stock, ETF and Market Analysis |

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