Semiconductor HLDRS (AMEX: SMH) Breaks Out Says Market Timer Frank Kollar
March 19, 2008 (FinancialWire) (By Frank Kollar)
We have been watching shares of Semiconductor HLDRS (AMEX: SMH) for a breakout, based on the potential of a bottom being in place since the January panic lows, as well as a well-defined pennant formation created since those lows.
A week ago we wrote, “a close above $29.62 a share will put Semiconductor HLDRS above a declining trend resistance level (the top of the pennant) and will constitute a breakout for the volatile ETF.”
We had that breakout today with shares jumping $1.02 and closing above the declining trend line at $29.75. Semiconductor HLDRS has a great deal of potential for a sustained advance with initial resistance being all the way up at $33.95. That is a lot of room on the upside for bullish traders.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy may hold a position in Semiconductor HLDRS .
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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