September 17, 2009 (FinancialWire) (By Frank Kollar) — Shares for the Powershares QQQ Trust (NASDAQ: QQQQ) regained 50% of their bear market losses in late July, but that level, at $40.27, proved to be a ceiling until last week.

The Powershares QQQ could not push above the $40.27 level for over a month but last week broke above the 50% retracement level, powerful resistance, and has now closed higher seven days in a row.

The question is; how much further can shares rise?

Even though the stock market is overbought, look for the Powershares QQQ to reach the $43.75 level. Though a pullback is overdue, this level should be reached in short order.

But, $43.75 is the Fib 61.2% retracement of the entire bear market decline and is critical resistance. Expect strong profit taking when we reach it.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares QQQ.

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, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

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