Ishares Lehman 20yr (NYSE: TLT) Breaks Support Says Market Timer Frank Kollar
January 22, 2009 (FinancialWire) (By Frank Kollar)
Shares of the ETF Ishares Lehman 20 Year (NYSE: TLT) dropped precipitously on Wednesday, January 21, breaking below an important support level in the process.
After a couple weeks of higher highs, TLT had corrected but was holding above its prior correction low at $112.21. In Wednesday’s trading, that low was broken in a decisive fashion.
Look for TLT to decline to the next support level, at $104.81 in coming weeks. This is the 50% retracement of the entire November to December rally. Should $104.81 fail, the next support is at $101.95
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in TLT.
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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