Correction Ahead Says Market Timing Pro Frank Kollar
August 24, 2007 (FinancialWire) (By Frank Kollar)
The stock market reached the 50% retracement level for the current correction on Wednesday, based on charts of the S&P Depositary Receipts SPDRs (AMEX: SPY) and Powershares QQQ (NASDAQ: QQQQ).
On Thursday the stock market reacted to this resistance level with selling, though it was modest. The sharp correction experienced by the stock market in July and August has been followed by a sharp reversal just a strong and fast. The market needs time to digest the fast gains, especially as most of the problems that caused the selling in the first place remain unresolved. Look for lower lows over the coming days.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in both the SPY and QQQQ.
Follow your strategy and adhere to your money management rules to protect capital. If you do not have money management rules, give FibTimer.com (http://www.fibtimer.com) a call. The surest way to lose money in the stock market is to trade without a plan.
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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