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Wednesday, September 14, 2011

$QQQ : A Rally in the making ?? Jump into the band wagon b4 it takes off.....

Looking at the Dow's counterpart is so much easier on the eyes. Dow seems like some lethargic animal these days. Indecisive and weary. QQQ, although reflect similar characteristics to the Dow, seems to be more distinct in it's price action.

NASDAQ, QQQ, seems poise for a take off. Slow and fast Stochs, is not in the overbought region yet, but in an area suggesting some bullishness might be in current price action.

From August 22 low, which is also a significant low on Dow on that date. QQQ's highs and lows have outlined 2 triangular diverging upward lines. And only yesterday, prices has broken out of a congested, tightly packed triangle.

If all's good and some bullish momentum enters the market, which I suspect, the usual case of jumping into the band wagon effect will take place and push QQQ into the upper limit of 50s or even low 60s on the QQQ.

A rally next week ? If I can be as bold to suggest that !?

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