Whole Foods (NASDAQ: WFMI), Taking It On The Chin Says Market Timer Frank Kollar
July 19, 2006 (FinancialWire) (By Frank Kollar)
Maybe it’s because they stopped selling live lobsters (or maybe not) but shares of Whole Foods Market Inc (NASDAQ: WFMI) are plunging far beyond what can be explained by a weak stock market and weak retail sector.
Whole Foods has lost 21% from its early May highs and 28% from its late 2005 highs. Last week Whole Foods took an ominous turn lower and shares are now approaching a support level that, if broken, could result in considerably lower lows.
When Whole Foods crossed below $59.60 a share last week, it forecasted a decline to the $55.12 level. Shares are only 3% away from that level as of Tuesday’s close. But if Whole Foods closes below $56.12, there is little support below. Shares could quickly drop to $54.70 in short order.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has recommended a short position for Whole Foods since mid-May.
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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