PowerShares QQQ Trust, (NASDAQ:QQQQ) Continues to Form its Sell Rally

By George Zabel
November 06, 2009 11:29 AM

Symbols: QQQQ

Posted in: Futures, Short Ideas, Options, Technicals, Markets, Analyst Ratings, Movers, Trading Ideas

PowerShares QQQ (NASDAQ:QQQQ) Continues to rally in today’s session but there’s nothing convincing that this rally can carry through to next week as the move is considered an opportunity to go short.

Technically PowerShares QQQ is completing the right shoulder of its H&S, and has been lagging the Dow really bad. In addition to that comes bearish outlook from the Dow Jones Transportation Index and Russell 2000. Correction is imminent!

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PowerShares QQQ Trust, (NASDAQ:QQQQ) Continues to Form its Sell Rally

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