Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

More Room to Climb for Q's?


More Room to Climb for Q's?
By Mike Paulenoff, www.MPTrader.com

Either the rally off of Friday's low at 25.71 to this morning's high at 26.80 in the PowerShares QQQ Trust (Nasdaq: QQQQ) is another run-of-the-mill failed recovery bounce or it is a deceptive start of a potent rally period that has considerably more room to climb. Right now, the majority of my near-term work argues for the latter scenario, which if accurate should propel the Q's to an optimal target zone of 27.70-28.00 and possibly to 30.00 prior to completion. At this juncture, a decline that violates 26.00 will weaken the developing pattern, while a break of Friday's low will wreck it altogether.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!