Shares of Biotech
HOLDRS (AMEX: BBH) Not a Good
Bet Says
Market Timer Frank
Kollar
November 26, 2009 (FinancialWire) (By Frank Kollar)
Shares of Biotech HOLDRS (AMEX: BBH) declined to under
$90.00 a share since reaching their 2009 highs at 105.00
a share on July 30. BBH has slowly recovered but has now
reached a critical level in its advance.
The 61.8% retracement resistance level, for the entire
July to October correction, is at $98.76. On Wednesday,
November 25, BBH closed at $98.64, just a fraction below
this critical resistance level.
A decisive close above $98.64 would forecast a run for
the prior July highs at $105.00 a share. But it would not
forecast a breakout, only a test of the highs.
BBH has been weak all summer even while the rest of the
stock market has rallied. We would not be surprised to
see BBH fail either at this current support level, or just
below the old 2009 highs.
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. |
