Adobe Systems At Critical Support, Says Market Timer Frank Kollar.
May 9, 2006 (FinancialWire) (By Frank Kollar)
Shares of Adobe Systems Incorporated (NASDAQ: ADBE) gapped down at the open last Wednesday, and have followed through with lower lows on each trading day since.
The gap down day occurred after the computer software maker said late Tuesday that earnings would be toward the low end of prior guidance due to weaker demand in North America and Europe.
The follow through selling has taken Adobe’s shares right to critical support. Adobe’s close today at $33.69 is only 1% above critical support at $33.32. A decisive close below support will call for a continued decline to at least $31.55.
Adobe’s shares are not attractive at current prices. Adobe is a SELL in the Fibtimer.com (http://www.fibtimer.com) Stock Timer Portfolio.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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