How High Can MidCap SPDRS (AMEX: MDY) Go? Asks Market Timer Frank Kollar
December 18, 2006 (FinancialWire) (By Frank Kollar)
MidCap SPDRs (AMEX: MDY) seek investment results that generally correspond to the price and yield performance of the Standard & Poor's MidCap 400 Index. Largest holdings (according to Amex.com) are Legg Mason (NYSE: LM), SanDisk Corp (NASDAQ: SNDK), Peabody Energy ( NYSE:BTU).
Shares of MidCap SPDRs are having difficulty breaking above $150 a share and this level is likely to be critical to a continued advance. If this heavily traded ETF makes a decisive close above this resistance, look for a run to at least $155 a share.
If MidCap SPDRs cannot break above $155, we could have a double top in place and the potential for a decline to $140 a share in coming weeks.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy actively searches for trending Exchange Traded Funds.
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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