Texas Instruments (NYSE: TXN) Headed Lower Says Market Timer Frank Kollar
January 27, 2009 (FinancialWire) (By Frank Kollar)
Shares of the Texas instruments (NYSE: TXN) advanced in after hours trading Monday, January 26, after reporting a huge drop in quarterly profits and announcing plans to lay off 3,400 jobs, some 12% of its workforce.
It was not a surprise to traders who have been selling this stock all January. Somehow the news gets out.
TI has shed over 16% in the last four weeks, and after this earnings report, shares will move considerably lower in coming days. Initial support will be reached at $13.00 a share and then $12.18 a share. Should these levels fail, look for a retest of its bear market lows, around $10.00 a share, in coming weeks.
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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