Biotech HOLDRS (AMEX: BBH) Rallies Says Market Timer Frank Kollar
October 16, 2007 (FinancialWire) (By Frank Kollar)
The exchange-traded fund Biotech HOLDRS (AMEX: BBH) rallied hard on a down day. This is what we forecasted back in mid-September when we said, “Tuesday’s breakout above $174.55 that was also above its previous short-term highs of last week should take BBH to at least $178.44. At this point BBH will be up against key resistance. A close above $178.44 should propel this widely traded ETF to the $190.00 level.”
On Monday, October 15, Biotech HOLDRS reached $185.78 a share intra-day. This rally should now make a run for the $190 level, the prior May highs, over the coming weeks. A close above $190.42 would be a new breakout and forecast even higher highs.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Biotech 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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