Medimmune, Is The Sell-off Over? Asks Market Timer Frank Kollar.
May 17, 2006 (FinancialWire) (By Frank Kollar)
Shares of Medimmune, Inc. (MEDI) have been in steep decline since March 30th, shedding 21% in the process. On Wednesday May 17th, Medimmune reversed off a strong support level. Is it time to buy?
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has listed Medimmune as a SELL since April 12th. Today Medimmune reversed from critical support at $29.15. With the Dow Jones Industrials down 214 points by the close, and the Nasdaq Composite off 33 points, Medimmune tacked on 1.32 or +4.5%. A strong performance in a very bearish environment.
Medimmune has likely started a tradable advance. This would be cancelled if Medimmune closed back below $29.15. But for now, short-term traders should consider Medimmune a 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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