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By Mike Paulenoff, www.MPTrader.com
Under the circumstances, with negative reaction to GOOG and MSFT, the Q's (Nasdaq: QQQQ) are not acting all that poorly. In fact, the GOOG massacre last yesterday pressed prices right to the 50% support plateau of the most recent rally from 43.30 to 45.82, but has since recovered into the 45.00/10 area. My work is telling me to regard the GOOG press as a correction in a developing low pattern, and that I should be patient during the "bottoming" phase. As long as 43.80/30 support contains any forthcoming weakness, I intend to remain long, looking for a hurdle of 45.90 ahead of a run at 47.00/30.
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!
