Ishares Russell 2000 (AMEX: IWM) Still Weak Says Market Timer Frank Kollar
November 1, 2007 (FinancialWire) (By Frank Kollar)
Shares of exchange-traded fund Ishares Russell 2000 (AMEX: IWM) reached strong Fib resistance in Wednesday’s Fed inspired rally, but then backed off and closed below it.
Ishares Russell 2000 has been lagging the rest of the stock market, especially the Nasdaq, for most of this year. Wednesday’s attempt to surpass resistance was a positive but the failure to close above it was a warning sign that no explosive small cap moves should be expected in the near term.
A close above $82.39 in coming days would forecast a run for the prior highs of this recent advance, around the $84.00 level, but there are better ETFs to trade for short-term gains, such as the popular Nasdaq 100 QQQQ’s, that have been outperforming most other indexes for the past few months.
Fibtimer.com (http://www.fibtimer.com) holds a position in Ishares Russell 2000 in its ETF Timer Portfolio.
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.
Go to previous Press Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2007, Kollar Market Analytics, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
