QQQ is the symbol for the Nasdaq -100 Index Tracking Stock. The QQQ's have just hit a new 52 week high and break-out from a perfect symmetrical triangle. 2000 on the Composite has been a major resistance for over a year and a half. This break-out will be seen by many traders as a major "Buy Signal" that started at market closing on Mon. Dec. 29/03. I went long on the break-out above $36.21. My short-term target is $ 38.50 with a stop at $ 35.74. Buying Call options on the QQQ is also a great trade right now. I use www.amex.com for my option quotes etc. Backgrounder: Nasdaq-100 Index Tracking Stock represents ownership in the Nasdaq-100 Trust, a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Nasdaq-100 Index. Nasdaq-100 Index Tracking Stock is intended to provide investment results that, before expenses, generally correspond to the price and dividend yield performance of the Nasdaq-100 Index, and its initial market value approximates 1/40 of the value of the underlying Nasdaq-100 Index. Tip: Never invest more than 10 % of your trading capital in one option trade.
I've been seeing and watching the same thing... last monday I was buying calls on QQQ. I'm watching this action closely. The nasdaq seems incredibly slow to move. I know that there is a lot of resistance here, but geez. When the the S&P moves 15 pts I expect the NDX to move more than just 25pts, especially since it was sitting around 15pts all day. If the ndx can get a good break here there will be a lot of up room to go... We will have to see though. This bullishness is becoming nauseating....
LOL. They were a "screaming buy" at 23-24 ~ March 03 when it broke the 2.5 yr down trendline. Not saying it won't go higher... Thank lord for the lumps...but just where were they back then when it seemed bleakest? ps. I just luv it as ET rapidly becomes Yahoo message boards as every tom, dick hypes his OTCBB/penny stock "stock picks" (eg. NUVO, where were they when SIRI < $1 etc) and espouse their "market wisdom"? I guess they must post to pyschologically convince themselves - and not just others - that it was the correct decision..