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Friday, March 12, 2010

qqqq powershares holdings top prediction: confirmation from model

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Three days ago (in previous post) we posted on this blog that this blog's prediction-forecasting models issued a warning that qqqq powershaes etf stock was entering a sellers zone between 46.84 and 1% above. The upper level of the zone is then around 47.30ish level.

It is now 3:01PM on March 12, and the QQQQ EFT stock is trading at 47.40. Models just issued a confirmation signal, which essentially tells us that all longs should be taken off, and that we should start building short entries on QQQQ powershares etf stock.

If this prediction turns out to be right, it would mean that the open of today at 47.50 was an exhaustion gap set up for late bulls and for the surrender of the last of the losing bears.

Let us see how this market will do for rest of the day. If it does not finish above 47.50, it would be a vote in favor of the prediction of the timing model.

We have one hour left to see if market will fail to take 46.50. Also, a sell off can happen!


20 minutes later at 3:21PM: QQQQ is trading at 47.28, and never traded above 47.40 when top forecasting signal came in. Futhermore the move down starting soon after we posted! Model is so far correct!

If selling for today is to be serious, sellers have to take the 47.25 area, and hold below it by end of day or in after hours trading. Buyers are currently at 47.25 area, which sellers sitting at around 47.40 area. Sellers and buyers are only 15 cents apart! It would be interesting to see if one of the two camps will be defeated today.

Conclusions for today: 1) QQQQs bounced from 47.25 and stopped right right at 47.40. Market is still open. We would expect it to close few cents around 47.35.

2) Monday the buyers and sellers should meet each other, and decide on the market.

3) The close price most likely will be below 47.50, which is a strong vote in favor of a down move this coming week.

Have a good weekend!

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