Wachovia CP (NYSE: WB) Plunges to Record Lows Says Market Timer Frank Kollar

July 8, 2008 (FinancialWire) (By Frank Kollar)

Shares of Wachovia CP (NYSE: WB) have reached levels not seen since 1994.

Wachovia has now declined some 76% from its 2007 highs and its chart is, amazingly, saying it has lower still to go.

Wachovia hit those lows last week and on Monday, July 7, 2008, this beleaguered stock has managed to trade well below those 1994 lows and closed considerably lower.

When all supports have been broken, it is not easy to forecast how low a stock will go in future weeks. How could anyone have forecasted Nortel’s lows from $90 to less than $1? But any aggressive trader who wants to try buying this stock would be well advised to wait for a decisive reversal pattern.

Now is not the time to try catching this falling knife

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.