Stock Market Has Been Critically Injured Says Market Timer Frank Kollar
February 27, 2009 (FinancialWire) (By Frank Kollar)
Already the S&P 500 Index (SPX) has broken below not just its November 2008 bear market lows, but also the lows reached in the 2000-2002 bear market.
This tells us the bear market has lower lows ahead. There is no guarantee this will occur, but now that these critical long term support levels have fallen, there is no bottom. There is no support. The likelihood of several more vicious down waves in coming months is very real, and very dangerous to this country and the world.
Last week we wrote, “This is the test of the bear market lows predicted by several market technicians including us. If 752.44 holds we could see a huge rally from near current levels. If 752.44 is surpassed to the downside with a decisive close below, the next support level is all the way down at SPX 697.00 a share.”
We stand at the precipice.
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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