Powershares U.S. Dollar Index (NYSE: UUP) Nears Resistance Test Says Market Timer Frank Kollar
April 21, 2009 (FinancialWire) (By Frank Kollar)
Shares of the Powershares U.S. Dollar Index (NYSE: UUP) ETF closed at $25.97 on Monday, up $0.20 on a day that the stock market took a steep dive.
Powershares U.S. Dollar Index has now retraced 50% of its March declines, and this sets up a likely target for this advance at $26.05.
$26.05 is a Fib resistance level and when it is reached, it should result in selling and lower prices. On the flip side, a decisive close above $25.05 would likely result in a run to the early March highs at $26.70 a share.
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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