Lower Lows for S&P 500 SPDRS (AMEX: SPY) Says Market Timer Frank Kollar
March 4, 2009 (FinancialWire) (By Frank Kollar)
Shares of the S&P 500 SPDRS (AMEX: SPY) have now lost 22.4% in year 2009. For those who wonder, the SPDRS have lost 30.2% since President Obama was elected.
The question is how low can we go? There is no long term bottom in sight. Much lower lows may be ahead. But there are two short term support levels that could result in anything from a pause in the downside, to a bounce, to a bottom for the bear market.
The first is just below Tuesday’s close at $69.20. The next and most likely to result in at least a bounce is at $62.41. Watch $62.41 for a tradable bounce.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in the S&P 500 SPDRS .
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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