S&P SPDRS (AMEX: SPY) Ready To Rally? Asks Market Timer Frank Kollar
June 20, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund S&P Depositary Receipts SPDRs (AMEX: SPY) continue to trade just a fraction below their all time highs, closing Tuesday at $153.27. Where to next?
The SPDRs continue to hang tough, having recovered from a fast three-day sell off two weeks ago, and now again are in position for a breakout. The odds favor the upside here and a close above $154.10 will likely result in a run to at least $156.44 in coming days. At that point sellers will again be looking to lighten positions, though a close decisively above $156.44 would point to continued advances.
Fibtimer.com (http://www.fibtimer.com) holds a position in the S&P 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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