Select Sector SPDR-Health Care (AMEX: XLV ) Tests Support Says Market Timer Frank Kollar
June 20, 2006 (FinancialWire) (By Frank Kollar)
Exchange-traded fund Select Sector SPDR-Health Care (AMEX: XLV ) is again testing critical support. SPDR-Health Care’s holdings primarily include health care equipment and supplies, health care providers and services, biotechnology, and pharmaceuticals industries. Current top holdings are Johnson & Johnson (NYSE: JNJ), Pfizer Inc (NYSE: PFE), and Amgen Inc (NASDAQ: AMGN).
Shares of SPDR-Health Care have been weak due to a generally declining stock market and especially weak health care and biotech sectors. SPDR-Health Care has tested the $30.00 support level twice in the past two months and both times resulted in a reversal and higher prices. Each of these advances soon failed and SPDR-Health Care now finds itself back at $30.08 at Monday’s close.
If SPDR-Health Care makes a decisive close below this support level, it could quickly drop to the $28-29.00 level in a matter of days.
Fibtimer.com (http://www.fibtimer.com) has listed SPDR-Health Care as a short position in its ETF Timing Strategy since May 6, 2006. This exchange-traded fund should be avoided unless SPDR-Health Care is able to close above $31.00 in coming weeks.
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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