Internet HOLDRs Breaks A Major Support Level Says Market Timer Frank Kollar.
May 10, 2006 (FinancialWire) (By Frank Kollar)
Shares of the exchange traded fund Internet HOLDRs (AMEX: HHH) broke below a major support level. Internet HOLDRs top five holdings are the widely traded Internet companies: eBay Inc. (NASDAQ: EBAY), Yahoo! Inc. (NASDAQ: YHOO), Time Warner Inc (NYSE: TWX), Amazon.com, Inc. (NASDAQ: AMZN) and E Trade Financial Group (NYSE: ET).
At Fibtimer.com (http://www.fibtimer.com) we have been watching for a close below 55.42, as an indication Internet HOLDRs will not only continue lower, but is likely to make a run for its April 2005 lows at 51.40.
Internet HOLDRs did close below this major support level and has continued lower. Our target for this decline is 51.40, 5.9% below current levels. Internet HOLDRs remains a SELL in our ETF 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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