My near-term work in the PowerShares QQQ Trust (NASDAQ: QQQQ) argues that the recovery rally that started at Monday's low of 27.73 and which extended yesterday to a high at 28.98 is only partially complete. After the current "intervening" pullback runs its course, the Q's should pivot to the upside for a test of yesterday's high -- on the way to 29.10/30 thereafter. Only a plunge that breaks and sustains beneath Monday's low at 27.73 will wreck my near-term scenario.
The Mid-Day Minute
Recovery Rally Incomplete in Q's
Thu, Feb 26 2009, 05:55 GMT
by
Mike Paulenoff
- MPTrader.com
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