What's Next For Whole Foods (NASDAQ: WFMI)? Asks Market Timer Frank Kollar
May 14, 2007 (FinancialWire) (By Frank Kollar)
Shares of Whole Foods Market Inc (NASDAQ: WFMI) have been in a wicked decline since touching $80.00 back in December 2005. Whole Foods is under increased competitive pressure from retailers such as Wal-Mart (NYSE:WMT), and Kroger (NYSE:KR) that are offering organic food items. Last week Whole Foods posted lower than expected quarterly results and suffered a gap down day on Thursday, closing at 41.15.
Whole Foods may have a tradable bottom coming soon, though at even lower prices. A correction low at $37.00 a share, which stopped a sell off back in August 2004, is a logical support level for this beleaguered stock. Watch $37.00 for a reversal and rally in Whole Foods.
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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