Semiconductor HOLDRS (NYSE: SMH) Reverses at Support Says Market Timer Frank Kollar
August 13, 2009 (FinancialWire) (By Frank Kollar)
Semiconductor HOLDRS (NYSE: SMH) spent the last week declining as traders took profits after a strong July rally.
On Tuesday, August 12, Semiconductor HOLDRS reached a strong support level at $24.00. This level was resistance in the previous rally that was surpassed on July 22. Now acting as support, bullish traders do not want to see this level broken.
One Wednesday August 12, Semiconductor HOLDRS reversed higher. If the $24 level holds, Semiconductor HOLDRS could be off to the races again and soon test its prior rally highs at $25.27.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Semiconductor 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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