Q's Basing - Market Analysis for Jul 25th, 2008

On an otherwise too quiet Friday, let's notice that the big picture of the Q's (NASDAQ: QQQQ) remain with in a base-like pattern that started at the end of the June. Each rally has failed in the 46.00 area as the declines since July 15th have established higher lows. As long as yesterday's low at 44.65 remains intact, I am inclined to label it as one of those higher-low coordinates within the base. However, if 44.65 is violated then I will be expecting a press towards 44.00.