Biotech HOLDRS (AMEX: BBH) Still Weak Says Market Timer Frank Kollar
June 14, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Biotech HOLDRS (AMEX: BBH) rallied Wednesday with the rest of the market, but it remains weak and has moved lower since the end of April while the rest of the stock market is higher overall. With core positions in Genentech (NYSE: DNA), Amgen (NASDAQ: AMGN) and Biogen (NASDAQ: BIIB), Biotech HOLDRS needs to move above resistance before it is safe to buy.
If Biotech HOLDRS closes decisively above $183.50 in coming days, bullish positions should be considered. A close below 176.46, the closing lows of last week, would be very bearish.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Biotech HOLDRS .
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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