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.
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....