Quick on the Q's: QQQ ProShares

10/13/2008 1:55 pm EST

Focus: ETFS

Ultra QQQ ProShares (QLD)-This exchange traded fund (ETF) seeks daily investment results, before fees and expenses, which correspond to twice the daily performance of the Nasdaq 100 Index (QQQQ).

The fund normally invests 80% of assets in financial instruments with economic characteristics that should be twice the return of the index.

The huge daily reversal in the 'Qs' on Friday triggered a stochastic buy signal on the QLD. If the market can move forward today with heavy buying, then QLD could provide traders with a quick move to cover the gap at $42.86 to $44.46.

By Sam Collins of OptionsZone.com

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