Biotech HOLDRS (AMEX: BBH) At Critical Support Says Market Timer Frank Kollar
January 2, 2008 (FinancialWire) (By Frank Kollar)
Shares of the exchange-traded fund Biotech HOLDRS (AMEX: BBH) have declined to within about 1% above critical support.
Biotech HOLDRS, the widely traded biotech ETF, has reversed from the $160 level five times since the August correction lows. If this support level fails, share prices can be expected to go considerably lower.
Watch this level for a reversal that can be traded to the long side, but also for a very possible signal, should Biotech HOLDRS close below $160, that this ETF has a way to go on the downside. Either way, the $160 level will make a good stop to protect trades.
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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