Internet HOLDRS (NYSE: HHH) Breaks Support Says Market Timer Frank Kollar
July 13, 2009 (FinancialWire) (By Frank Kollar)
Shares of the Exchange Traded Fund Internet HOLDRS (NYSE: HHH) moved higher late last week but that may not be the direction they will be taking this week.
Internet HOLDRS closed below support on Tuesday, July 7 when it surpassed its prior June 23 closing low.
It did not close below its May 13 correction closing low, but still, it erased all gains achieved since mid-May and this does not bode well for this popular and widely traded ETF.
How low can Internet HOLDRS go?
If last Tuesday’s lows at $39.49 are surpassed, Internet HOLDRS can quickly decline to $37.23, the 50% retracement support level for the entire March to June advance. Below this is critical support, the 61.8% level at $35.48.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Internet HOLDRS .
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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