S&P SPDRS (AMEX: SPY) Pulls Back From All Time Highs Says Market Timer Frank Kollar
May 10, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund S&P Depositary Receipts SPDRs (AMEX: SPY) rallied Wednesday after the Federal Reserve left interest rates unchanged. Intra-day, prices reached just shy of the SPDRs all time closing high made back in March 2000. Is this the top?
Wednesday’s close at $151.16 was well below those intra-day highs that reached $152.82. But it would not be wise to step in front of the freight train that is the current stock market. A close above $153.56, the all time closing highs, would be wildly bullish. A pullback here would likely not last that long considering the market’s momentum. Stay with the trend.
Fibtimer.com (http://www.fibtimer.com) holds a position in SPDRS in its ETF Timer Portfolio.
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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