New Highs for Stock Market Says Market Timer Frank Kollar
August 14, 2009 (FinancialWire) (By Frank Kollar)
With little fanfare after only a week of declines, both the S&P 500 SPYDRS (NYSE: SPY) and Powershares QQQ (NASDAQ: QQQQ) made new closing 2009 highs on Thursday, August 13.
There are strong indications that even higher highs are just ahead.
The SPY is now well above its 50% retracement resistance level for the August 2008 to March 2009 final leg down of the bear market. This points to the next retracement resistance level being reached at SPX 106.22.
The QQQQ is above its 61.8% retracement resistance level for the August 2008 to March 2009 leg down of the bear market. This points to an advance reaching QQQQ $43.53 in coming days or weeks.
The http://www.fibtimer.com ETF Strategy has a position in the S&P 500 SPYDRS and the Powershares QQQ.
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.
Go to previous Press Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2009, Market Timing Strategies, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
