Oil Service HOLDRS Trust (NYSE: OIH) at Resistance Says
Market Timer Frank Kollar
December 30, 2009 (FinancialWire) (By Frank Kollar)
Shares of Oil Service HOLDRS Trust (NYSE: OIH) has reached
the 50% retracement level of the October to December decline.
Oil Service HOLDRS declined some $21.00 in those two months
and upon reaching the 50% retracement level last week shares
have stopped their climb and on Tuesday, December 30, declined
1%.
This resistance level at $121.49 needs to be surpassed,
as well as the 61.8% level at $124.06, in order to make
a run for the prior 2009 highs above $130 a share.
If not, we could see a retest of the correction lows down
at $110.00 a share in short order.
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. |
