The PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) is trading at $59.96, +0.47 (+0.79%). This happens to be a double top from July 2011 and multi year high. Generally, this would be considered resistance on the charts. In addition, one must find it very interesting to notice this level getting tagged prior to major earnings from tech companies. After the markets close today, earnings from Google Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), International Business Machines Corp. (NYSE:IBM) are scheduled to be reported. Perhaps this level of resistance is actually telling something about earnings today.
Gareth Soloway
InTheMoneyStocks.com
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