S&P SPDRS (AMEX: SPY) Are Lagging Says Market Timer Frank Kollar
July 5, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund S&P Depositary Receipts SPDRs (AMEX: SPY) continue to lag the Nasdaq and high-tech stocks in this latest rally. Where to next?
The SPDRs spent the last half-year leading the rest of the stock market, but of late have been the laggards. Friday’s close was a fraction above resistance at $152 and with the Nasdaq on fire, we expect the SPDRs to catch up as long as there is no news event that pulls the market down.
The next target for the SPDRs is at $153.00. A close decisively above that level should result in a run to new rally as well as new all time highs.
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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