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Completed Initial Upleg in Q's?


Monday October 13th, 2008
Completed Initial Upleg in Q's?
by Mike Paulenoff www.MPTrader.com
Completed Initial Upleg in Q's?
By Mike Paulenoff, www.MPTrader.com

The pattern carved out by the Q's (Nasdaq: QQQQ) off of Friday's low at 29.38 into the 33.63 high today (so far) has the right look of a completed initial upleg -- ahead of a pullback that should re-enter this morning's up-gap between 32.30 and 31.40. Only continued strength that hurdles 34.00-34.20 will argue that the current advance has considerably more power than I am willing to ascribe to the upmove off of Friday's low.

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