09 February 2007

Line In The Sand

Above is a two month chart of the QQQQ...from the five year high @ $45.40 to the last swing low of $43.29...that gives a range of $2.11...using Fibonacci extensions the second Fib line is $44.59 or pretty much yesterday's highs...so if the market is to rollover I would expect this level to be mighty resistance...any strong closes above this level will have me rethinking my bearish stance...jfg.

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