DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
Thursday, June 12, 2008
QQQQ Broadening Formation/ Retail Sales $$$$
After selling off over the last week, PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQQ) looks as if it is forming a broadening formation. This broadening formation could signal another rally in the market, as buy side interest picks up. Most people have been calling for the market to retest its 2008 lows due to soft earnings/ economic data, but today's Retail Sales numbers have quenched a lot of those fears. May Retail Sales +1.0% vs +0.5% consensus, prior revised to +0.4% from -0.2% and May Retail Sales ex-auto +1.2% vs +0.7% consensus, prior revised to +1.0% from +0.5%. What doe this mean? This boast in Retail Sales could start to add some upside traction to GDP; if GDP starts to tick up, the market is real going to push to the upside.
Best Regards
Keith Greff
Trade Analyst
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