Internet HOLDRS (AMEX: IIX) Hits Resistance Says Market Timer Frank Kollar
October 3, 2007 (FinancialWire) (By Frank Kollar)
Shares of Internet HOLDRS (AMEX: IIX) reached a strong resistance level at $66.39 on Monday. Prices pulled back on Tuesday as traders took profits. Where to next?
Internet HOLDRS is over extended in the current advance, having gained some 23% in the last six weeks. Shares are due for a correction. That said, should Internet HOLDRS make a decisive close above $66.39 in coming days, we could see a substantial rally materialize.
If Internet HOLDRS rallies again, the target for the rally will be $69.59, almost 5% above current levels.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has 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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