Rally in Shares of Biotech HOLDRS (AMEX: BBH) Says Market Timer Frank Kollar
June 3, 2008 (FinancialWire) (By Frank Kollar)
On a down day for the stock market, shares of the exchange-traded fund Biotech HOLDRS (AMEX: BBH) rallied to close up just over 1% at 167.78.
This puts Biotech HOLDRS close to the 50% retracement of its April-May decline, at $168.02. If Biotech HOLDRS can get to and close above the critical Fib 61.8% retracement level, at $170.11 a share, it will be a bullish indicator and will point the way higher for this widely traded ETF.
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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