Oil Service HOLDRS (AMEX: OIH) Still Bearish Says Market Timer Frank Kollar
October 31, 2006 (FinancialWire) (By Frank Kollar)
Exchange-traded fund Oil Service HOLDRS (AMEX: OIH), after a three-week bounce, may be retreating back to its bearish trend. The ETF is heavily weighted in, Baker Hughes Incorporated (NYSE: BHI), Halliburton Company (NYSE: HAL) and Schlumberger Limited (NYSE: SLB).
Oil Service HOLDRS provides investors with a diversified exposure to the oil service industry . Companies that provide drilling, well site management and related products and services for the oil service industry.
Oil Service HOLDRS has been in a corrective mode since May 11 th. Oil Service HOLDRS bottomed out on October 4 th at $118.19 and began moving higher. This may turn out to be a long-term bottom, but this heavily traded ETF has again begun losing ground and the potential for another test of the $118 lows is very possible in coming weeks.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy currently has a position in the Oil Service HOLDRS.
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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