S&P Deposit Receipts (AMEX: SPY) Holding at Support Says Market Timer Frank Kollar
November 19, 2008 (FinancialWire) (By Frank Kollar)
Shares of the S&P Deposit Receipts (AMEX: SPY) have been testing support at the $84.00 level since the stock market reached its initial bear market lows back on October 10.
Over the last four trading days stocks have taken wild swings to the downside, but always managed to close above support. On Tuesday, November 18, stocks were down some 2.5% nearing the close, yet a last hour rally again took the SPY back above support, to close at $87.08.
As long as support holds, and even though it feels like the market will never mount a sustainable rally, you have to be looking for one. When it begins, it will be fast and furious as bears run for cover.
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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