Bearish Outside Reversal For Streettracks Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar
January 17, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) suffered a bearish outside reversal day on Tuesday, January 15th.
Gold Shares opened with a rally to new highs, then sold off closing below the lows of the previous day’s trading. Such bearish patterns usually lead to lower lows in the short term, and can lead to substantial declines.
Gold Shares, tracking gold bullion prices, can trade differently than many other stocks and ETFs, following the tune of a different drummer on many occasions. But Wednesday’s follow through losses are likely to be pointing to lower lows ahead for this volatile ETF.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy may have a position in Streettracks Gold .
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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