QQQQ will go UP
$53.00 on 7/29/08
$47.49 (0.72% from time of market call)
We should all know that tech stocks have been outperforming the S&P 500 in the last few months. This QQQQ / NDX looks similiar to the S&P 500, but is outperforming it, as of lately. QQQQ / NDX is further along its recovery rally than the S&P 500 perhaps because this index is not followed very closely, therfore the support levels do not play as much into the index. Additionally, I see no False breakout based on the 50 day MA, which this index just broke out of. Furthermore, the 200 day MA is just a stone throw away. With such High beta in this index, I see nothing but the upside continuing for the next several months. I will continue to believe in the fundamentals here, that Tech has upside leadership during down times and recovery times. 52-54 by mid summer. Jump On Board, we'll go for a High beta ride, UP.
