Semiconductor HOLDRS (NYSE: SMH) Powers
through Resistance Says Market Timer Frank Kollar
January 5, 2010 (FinancialWire) (By Frank Kollar)
Shares of Semiconductor HOLDRS (NYSE: SMH) have pushed
above a strong resistance level in the first day of trading
for 2010.
On Monday, January 4, the first day of trading this year,
Semiconductor HOLDRS gapped open and closed above its 50%
retracement level, at $27.93, for the entire 2008-2009
bear market decline.
This level was reached two weeks ago and even though the
stock market had a Christmas week rally, Semiconductor
HOLDRS did not manage to surpass it.
But today’s breakout forecasts continued new highs
and Semiconductor HOLDRS should now reach the 61.8% retracement
level up at $31.11 in coming weeks. This is 9.5% above
Monday’s close.
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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