NASDAQ 100 Major Pivot Point Approaching

As the markets continue to advance higher on extremely light volume, a common theme emerges. Media, analysts, market gurus all agree, the market is going higher on the Federal Reserve and their monetary policy. By printing money, the Federal Reserve has artificially held yields at record lows. The average investor and hedge fund cannot make money in savings accounts, CD’s or even bonds. The only plays that get you any sort of return is the stock market. With the belief that the Federal Reserve will not let the markets go lower, everyone is rushing into stocks trying to make a decent return. This is how bubbles are formed. But who really cares? Ride the bubble then short it when it explodes. Sound easy? It is if you know what to look for…

The NASDAQ 100, PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) has surged dramatically in recent weeks. This is on the back of a major up moves in Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG). As this index spikes there is a very important level approaching. Connect the pivot highs from 2012. That gives us an approximate level of $73.50. The current price is $72.70. That is the target and spot for a pull back. Note the chart below and enjoy.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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