Breakout for the S&P 500 SPDRS (NYSE: SPY)? Asks Market Timer Frank Kollar
June 26, 2009 (FinancialWire) (By Frank Kollar)
The S&P 500 SPDRs (NYSE: SPY) had dropped to below their 50-day moving average and 200-day moving average early this week. Both of these averages are watched closely be investors for signs of strength and weakness in stocks.
But on Thursday, June 25, the SPDRs reversed early day losses and rallied hard right into the close. A two percent gain at any time is a good day but Thursday’s gain reversed six days of lower prices and pushed the SPDRs back above those important moving averages.
To be certain there needs to be follow-through. Look for a continuation of the rally on Friday or early next week.
The http://www.fibtimer.com ETF 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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