QQQQ - PowerShares QQQ Trust

[Slyjoker]

Summary:

"PowerShares QQQ Trust, Series 1, formerly The NASDAQ-100 Trust, Series 1, is a unit investment trust that issues securities called QQQ Index Tracking Stock. The Trust holds all of the component securities of the Nasdaq-100 Index (the Index). The Investment objective of the Trust is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust was created to provide investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the PowerShares QQQ Trust Index. PowerShares Capital Management, LLC is the Sponsor of the Trust and The Bank of New York is the Trustee."

Source: Finance.Google.com

My thoughts:

The Qs are an ETF that are pretty smooth in movement.
38.2%
<a href="http://picasaweb.google.com/Slyjoker...79222002"><img src="http://lh4.google.com/Slyjoker87/R-G...y_3_19_08.JPG" /></a>

As you can see, the Qs have made a nice run since July of 02 from around 20.00 to 55.00.

Fib levels:

23.65%: 46.74
38.2%: 41.63
37.5%: 37.50
33.37%: 33.37
28.26%: 28.26

Is it any surprise that we are seeing a bounce right around the fib level? Not really. Fibonacci is probably a self fulfilling prophecy, though. Also, in this market we have a lot of FUNDAMENTAL problems that can invalidate any technical analysis. Don't get caught calling a bottom.

More to come on weekly trends...

[Slyjoker]

Now On to the daily charts for our current situation.

<a href="http://picasaweb.google.com/Slyjoker...13814018"><img src="http://lh4.google.com/Slyjoker87/R-G...y_3_19_08.JPG" /></a>

Here on the daily we can see the wedge break downwards. The Fed meet and rate cuts boosted the market a bit. Maybe we are seeing a bit of consolidation right now as the bulls are looking to take control again as the bad news slowly works its way out. However, it's a dangerous game trying to call a bottom. Don't get caught with the herd but don't stand in front of a bus either.

Right now the market is showing huge volatility and day trading is certainly a good option right now