Biotech HOLDRS (AMEX: BBH) Hits Critical Resistance Market Timer Frank Kollar
June 26, 2008 (FinancialWire) (By Frank Kollar)
Shares of the exchange-traded fund Biotech HOLDRS (AMEX: BBH) have outperformed the stock market over the past several weeks but have now reached a critical resistance level.
A Wednesday’s June 25 close, Biotech HOLDRS was just a fraction below the Fib 61.8% retracement - resistance level of its April-May decline. If Biotech HOLDRS closes above this level, at $170.11 a share, it will be a bullish indicator and will point the way higher for this widely traded ETF, likely to an advance that will challenge the March highs at $176.70 a share.
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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