QQQ Daily, 04/30/2014: Q's close to breaking price channel

The Q's are now about 40 cents away from breaking out of the price channel. Even if this should happen on Thursday, Q's would need another day above the price channel to confirm the break out and if they're able to do that then the price channel becomes a large bull flag and bull flags historically offer some good buying opportunities, IMHO. But it's important to keep in mind that there are a lot of people trapped in positions all the way up to 91 and while they'll breathe a little easier as the Q's work their way back to that level they will take the first sign of weakness as an opportunity to sell out of fear they might have to sit through another extended pull back.

GL