Support Holds for Biotech HOLDRS (AMEX: BBH) Says Market Timer Frank Kollar
October 1, 2008 (FinancialWire) (By Frank Kollar)
Shares of Biotech HOLDRS (AMEX: BBH) had been outperforming the stock market by a considerable margin prior to the huge declines and volatility of the past couple of weeks.
It was with great interest that we watched shares of this popular and widely traded ETF in Monday’s September 29 selloff.
Biotech HOLDRS declined right to critical support at $176 and held. On Tuesday, Biotech HOLDRS rallied up to $182.85.
We would expect that, barring another market upheaval, Biotech HOLDRS is set for higher highs in coming weeks. Support at $176 makes a good sell stop.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Biotech HOLDRS .
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.
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.
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