Internet HOLDRS (AMEX: HHH) Powers Past Resistance Says Market Timer Frank Kollar
October 10, 2007 (FinancialWire) (By Frank Kollar)
Only a week ago we discussed the ETF Internet HOLDRS (AMEX: HHH) after it reached a strong resistance level, at $66.40, and pulled back.
Shortly after that article, Internet HOLDRS powered through resistance and today confirmed the breakout with another rally. From here, we could see a substantial rally materialize, on top of the 24% already achieved since early August by shares of the widely traded fund.
The target for the rally is now $69.59, almost 3% 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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