The theme to this Weekly Market Report will be Exchange Traded Funds or ETF's as they are often called by most traders and investors. An exchange traded fund is a security that trades just like a stock. The ETF will usually track an index or specific sector in the market by holding a basket of individual securities.
The PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQQ) ended the week slightly higher ahead of the Christmas holiday. Since late August the technology heavy QQQQ's has rallied higher by over 20.0 percent. While the QQQQ's remain in a strong weekly uptrend there will be important daily chart price resistance levels approaching soon. Traders and investors should watch the $55.50 area for the next major daily resistance area. The weekly resistance levels will be at $60.00, and next at the $63.30 level. This week is the period between the Christmas and New Years holiday. This is usually a very light volume time in the markets which normally trade sideways to slightly higher. Therefore, unless a major geopolitical event occurs we would not expect much downside action. The top five holding in the QQQQ is
Apple Inc. (NASDAQ:AAPL) 19.74%, Google Inc. (NASDAQ:GOOG) 4.73%, Qualcomm Inc. (NASDAQ:QCOM) 4.50%, Microsoft Corp. (NASDAQ:MSFT) 4.09%, and Oracle Corp. (NASDAQ:ORCL) 3.17%.
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