SPDRS S&P Deposit Receipts Remain Bullish Says Market Timer Frank Kollar.
May 16, 2006 (FinancialWire) (By Frank Kollar)
During last week’s sell-off the SPDRs, Standard & Poor's Depositary Receipts (AMEX: SPY), joined the rest of the U.S. stock markets and dropped below major support levels. But for all of the doom and gloom, SPDRs closed Friday only 2.5% below their rally highs.
SPDRs hold a portfolio of equity securities, which compromise the Standard & Poor's 500 Composite Stock Price Index.
Monday’s trading resulted in lower lows and lower highs, as expected, but a late day rally pulled the SPDRs up to close with a gain. Importantly, they also closed just above the major support level, which was broken on Friday.
Where do the SPDRS go now? The expectation, after such a strong market decline, is for continued weakness. But the SPDRS are still in bullish territory and are performing better than the rest of the market. In the Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy, the SPDRS remain a strong BUY.
Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.
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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