Ishares Russell 2000 ETF (NYSE: IWM) Reverses From Critical Support Says Market Timer Frank Kollar
November 21, 2007 (FinancialWire) (By Frank Kollar)
Shares of the Ishares Russell 2000 ETF (NYSE: IWM) reached critical support in intra-day trading on Tuesday, November 20th.
This support was at $73.75 and IWM also rebounded from it twice in early August. The August rebound marked the bottom of the sharp and fast July-August stock market correction. If Tuesday’s rebound holds, we could see a rally from here.
However, now that this level has support has been hit three times, it brings into question how many times it will be the turning point for IWM. Should IWM close below $73.75 in coming days, we will be looking for substantially lower lows.
For now, we are watching for confirmation that this reversal is a true correction bottom.
Fibtimer.com (http://www.fibtimer.com) currently has a position in IWM in its ETF Timing Strategy.
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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