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.
Powerful Uptrend Intact for Q's
The big picture of the PowerShares QQQ Trust (Nasdaq: QQQQ) continues to exhibit a powerful series of higher-lows and higher-highs off of the March low at 25.63. Unless and until the Q’s break the prior significant pullback low at 39.02 (9/03), the uptrend will remain intact and dominant. On the upside, if the Q’s are heading for the top of the March-Sept channel, then we should expect prices to climb towards 43.00-44.00 in the hours/days directly ahead. Finally, a pullback into the 31.30/00 area should be considered a buying opportunity.
