Internet HOLDRs (AMEX: HHH) Close To Breaking Out Says Market Timer Frank Kollar
July 12, 2007 (FinancialWire) (By Frank Kollar)
Shares of the exchange-traded-fund Internet HOLDRs (AMEX: HHH) have traded sideways since posting sharp gains back in early May. Internet HOLDRs contains such widely traded Internet companies as: eBay Inc. (NASDAQ: EBAY), Yahoo! Inc. (NASDAQ: YHOO) and Amazon.com, Inc. (NASDAQ: AMZN). What is next for this heavily traded ETF?
The sideways trading is forming a pennant on daily charts, with slightly lower rally highs and then slightly higher sell off lows. As the upper and lows lines in this pennant formation close, the recent highs at about 61.70 have become resistance, and the recent lows at about 59.70 have become support . A break of either of these levels is likely to result in a continued move in the direction of the break.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Internet 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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