Streettracks Gold Shares (NYSE: GLD) Issues Bearish Signal Says Market Timer Frank Kollar
November 12, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) broke below a rising trend support line on Tuesday, November 11.
Gold Shares have not been much of a trade for awhile, moving sideways in an ever tightening series of lower highs and higher lows, since bottoming on October 22.
Tuesday’s close below this rising support line bodes ill for this already weak sector. Gold stocks have lost over 70% of their value in the past year. Gold bullion has held up relatively well, but looks to be headed for a test of those Oct lows at 66.00.
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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