- Technical Commentary -

July 22, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ) reversed from important resistance on Wednesday, July 22. Last week the Q’s reached $45.81 intra-day before reversing and heading lower. The Q’s stopped at $43.86 on Tuesday, July 20, and reversed to the upside. Tuesday was a bullish outside reversal day for the Q’s though the decline they ended was not a strong one. On Wednesday, July 22 the Q’s quickly rallied to $45.76, just five cents below the high reached last week and that was it for the rally. By the close the Q’s had shed almost 1.5% and closed at $44.64.

It appears that there is a line in the sand at $45.81. There is also support at $43.86. A close below $43.86 in the next few days would likely result in further declines to test the $42.00 level. A close above $45.81 would erase Wednesday’s Bernanke inspired selloff and launch the Q’s for a retest of the $47.00 level. Whichever way this goes, the daily volatility is high and any trades are risky. There is no definitive trend but there is a bias to the downside.

(Go to http://www.financialwire.net/2010/04/22/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

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Quote of the Day: "Sir, you have tasted two whole worms; you have hissed all my mystery lectures and been caught fighting a liar in the quad, you will leave Oxford by the next town drain." Rev. William A. Spooner

Word of the Day: morganatic \maw-guh-NAT-ik\ adjective: Of or pertaining to a form of marriage in which a person of high rank marries someone of lower station with the stipulation that neither the low-ranking spouse or their children will have any claim to titles or property of the high-ranking partner.

In context: "Your marriage is therefore no marriage at all, and the highest compliment we can pay your association is to call it morganatic." — Robertson Davies, Hunting Stuart: The voice of the people: two plays.

Today is: Pi Approximation Day.

Happy Birthday: (1844) William Archibald Spooner, famous Oxford don (d. Aug. 29, 1930).

Today in History: A second group of English settlers arrived in 1587 on Roanoke Island off of North Carolina to re-establish the deserted colony.

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy has a position in the Powershares QQQ Trust.

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