Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQ) have gone parabolic, rising at a rate that is unsustainable, but also a rate whose end is unpredictable.
There are traders that only buy new highs, and in this case the Q's are certainly a very big buy.
If this week finishes with a gain, which seems likely at this point, the Q's will have posted a gain for thirteen straight weeks. It has to end, but when to bet against it?
Last week's very sort selloff gives us a support than can be used to place a bullish trade with a close stop. A trade at the open on Wednesday, March 14, at $66.24, with a stop at $63.00, risks only 5%.
Disclosure: Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market and the 2008-2009 bear market his bearish positions resulted in substantial gains, all achieved by trading trends.
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Powershares QQQ Trust Goes Parabolic
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