Big Picture Chart of Q's Argues for Upside Continuation

Aug 11

by Mike Paulenoff, Mon August 11th, 2008

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Big Picture Chart of Q's Argues for Upside Continuation
By Mike Paulenoff, www.MPTrader.com

The Q's -- PowerShares QQQ Trust, Series 1 (Nasdaq: QQQQ) -- are pushing 48.00, but the BIG picture chart argues for upside continuation towards a test of the October 2007 present down trendline, now at 49.10. Only a break that sustains below 47.50 will begin to compromise the scenario for a test of 49.10.

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!

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