This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC0L0PD_M.jpg
GPS Wealth Strategies Group LLC, for instance, increased its holdings in Invesco QQQ by 6.9%, now owning 58,895 shares valued at $21,757,000. Additionally, CVA Family Office LLC raised its stake by 2.0%, currently holding 7,450 shares worth $2,752,000. Similarly, Symphony Financial Ltd. Co. elevated its position by 5.3%, now owning 4,247 shares valued at $1,545,000.
In an even more significant move, Centerpoint Advisors LLC boosted its stake by a substantial 546.3% during the second quarter of 2023. The firm now owns 433 shares of the ETF’s stock worth $160,000 after acquiring an additional 366 shares during this period.
Raleigh Capital Management Inc., however, made the most notable surge in its investment. The firm boosted its stake by a staggering 6,686.3% during the first quarter of 2023 and now owns 6,922 shares worth $2,222,000 after acquiring an additional 6,820 shares during this period.
According to reports on Tuesday, institutional investors currently own 43.95% of Invesco QQQ’s stock.
Meanwhile, as the iShares Russell 2000 ETF nearly returns to where it started the year, investors’ attention is increasingly directed towards Invesco QQQ Trust. Despite tech stocks ending their recent slide yesterday, the breakdown from a three-week trading channel creates substantial overhead resistance. This situation may lead buyers from the past several weeks to consider exiting from a position breakout, as they are likely underwater at the moment.
Investors are being advised to use any sharp drop caused by a government shutdown as an opportunity to build positions, although big tech may get hit harder based on the current technical setups. A close in QQQ below $355 puts us in uncertain territory, with no clear support underneath. If a breakdown begins, a target of $338 is suggested based on the May pop, pullback, and subsequent breakout.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
