Monday, November 27, 2006 7:20:28 AM
QQQQ - Friday's 5-Minute Chart:
The QQQQ demonstrated on Friday that it remains in 'buy the dips' mode. After gaping down at the open, it recovered to yet another new high for 2006 when it printed $44.86.
Friday's 5-Minute Chart (below) shows a gap down open followed by a rally to Gathering Resistance after which the QQQQ pulled back into the close.
On Monday, the QQQQ may stay put while it awaits the week's string of Economic Reports, the first of which arrives on Tuesday.
The most important report of the week will arrive at 8:30am Wednesday morning. It's the 3rd Quarter Gross Domestic Product (GDP) Report. The GDP is defined as 'the market value of all final goods and services produced within the U.S. in a given period of time' and, therefore, is an indication of whether the economy is growing or shrinking and by how much.
It's sure to be a market mover.
The QQQQ demonstrated on Friday that it remains in 'buy the dips' mode. After gaping down at the open, it recovered to yet another new high for 2006 when it printed $44.86.
Friday's 5-Minute Chart (below) shows a gap down open followed by a rally to Gathering Resistance after which the QQQQ pulled back into the close.
On Monday, the QQQQ may stay put while it awaits the week's string of Economic Reports, the first of which arrives on Tuesday.
The most important report of the week will arrive at 8:30am Wednesday morning. It's the 3rd Quarter Gross Domestic Product (GDP) Report. The GDP is defined as 'the market value of all final goods and services produced within the U.S. in a given period of time' and, therefore, is an indication of whether the economy is growing or shrinking and by how much.
It's sure to be a market mover.
Buy at Support
Sell at Resistance
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