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By Mike Paulenoff, www.MPTrader.com
I would think that at this particular time in the Fed's efforts to build confidence in the efficacy of its policy prescriptions, that one of its own would refrain from making public comments such as, "there may be early signs that the Fed's credibility is weakening."
But, I guess in a bearish period, with the financial system attempting to heal its wounds, ineptitude knows know bounds... Let's have a look at the pattern that is unfolding in the Q's (NASDAQ: QQQQ), where prices have returned to test key support in the 43.60/45 area. If violated and sustained, then we should expect additional weakness that presses towards 42.50 thereafter.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
