Invitrogen Corporation (NASDAQ: IVGN) Crashes Says Market Timer Frank Kollar.
July 17, 2006 (FinancialWire) (By Frank Kollar)
Shares of Invitrogen Corporation (AMEX: IVGN), the developer, manufacturer and marketer of research tools to customers engaged in life sciences research, drug discovery, diagnostics and the commercial manufacture of biological products, have been hit by a weak biotech sector plus now a sharply declining stock market.
A month ago we wrote that Invitrogen appeared headed for a test of $62.00, which was a strong support level having been tested fully four times in the prior seven months. Each time that level held and shares rebounded. This level was also a Fib 61.8% retracement level, which means every Fib trader who follows Invitrogen was watching it.
We also said, “should Invitrogen make a decisive close below $62.00 a share, shares could easily decline to $56.58, the next support level.”
This time support failed. After support failed, shares of Invitrogen also quickly declined below their October 2005 lows. This stock is hopefully not a long position in your account. Fibtimer.com (http://www.fibtimer.com) Stock Strategy has called for a short position in this stock since April 10, 2006. Invitrogen Corporation could reach $56.58 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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