Further Gains Ahead For The S&P 500 SPDRs (AMEX: SPY) Says Market Timer Frank Kollar
October 11, 2007 (FinancialWire) (By Frank Kollar)
Shares of the S&P 500 SPDRs (AMEX: SPY) broke out to new all time highs last Friday, October 5th. A break out to new highs sets up a new target for this rally off the August correction lows.
Typically we look at the first resistance level for the S&P 500 SPDRs as the initial target for an advance. That resistance level is at $161.10, about 3.2% above Wednesday’s close.
If the initial target at $161.10 is decisively surpassed, it will set up a run for the next resistance level at $167.59.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in the S&P 500 SPDRs .
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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