ProShares Ultra QQQ (QLD) – This exchange-traded fund (ETF) seeks daily investment results, before fees and expenses, that correspond to twice the daily performance of the NASDAQ 100 Index (NDX).
I’ve covered QLD many times this year, always noting its powerful bull market. Now, after weeks of meandering between its 50-day moving average and a top at $56.50, it has broken to new annual highs.
The breakout is confirmed by the buy signal on the stochastic and, of course, the Nasdaq index.
The trading target for the breakout is $63, but this is a leveraged ETF, so be sure to place a stop-loss order to protect against any unforeseen reversals.
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