Higher Highs Ahead for Oil Service HOLDRS (NYSE: OIH) Says Market Timer Frank Kollar
September 23, 2009 (FinancialWire) (By
Frank Kollar)
Shares of Oil Service HOLDRS (NYSE:
OIH) made new 2009 and new rally highs on Tuesday, September
22, and they may have further yet to go.
Oil Service HOLDRS Oil Service HOLDRS
topped its June rally high, at $115.94, last week and now
appears ready to continue to its next resistance level.
In this case that
is the 50% retracement for Oil Service HOLDRS’ entire
bear market decline. That level is up at $144.85, some
20% higher.
The 50% retracement will be tough to
surpass so traders should watch for profit-taking and a
likely pull-back at or near that level.
The http://www.fibtimer.com ETF
Strategy has a position in Oil Service 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.
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. |
