New Upleg for UltraShort Q's

Aug 29

by Mike Paulenoff, Fri August 29th, 2008

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New Upleg for UltraShort Q's
By Mike Paulenoff, www.MPTrader.com

The UltraShort QQQQ ETF (AMEX: QID) has hurdled Tuesday's recovery high at 42.32 (as the Q's broke below Tuesday's low at 46.12), which my pattern and momentum work argues is the initial confirmation of the start of a new upleg in the QIDs (downleg in the Q's). Next near-term target for the QIDs is 43.00/20.

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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