 |
||||||||||||||||||||
|
 |
 |
|
|
 |
|
|
 |
|
|
 |
|
|
 |
|
|
 |
|||
MPTrader Mid-Day Minute
|
| Fri Jul 18th 2008
Q's Holding Up
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. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
© 2002-2008 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.