Breakout for Pharmaceutical HOLDRS
Trust (NYSE: PPH) Says Market Timer Frank Kollar
January 14, 2010 (FinancialWire) (By Frank Kollar)
Shares of the Pharmaceutical HOLDRS Trust (NYSE: PPH have
reached their highest level since the highs in their bear
market rally back on August 11, 2008 at $67.97.
Only one cent below this level at the close on Wednesday,
January 13, Pharmaceutical HOLDRS is poised to break out.
This widely traded ETF lost some 43% in the bear market
and bottomed in March 2009. The rally since then has finally
reached the 61.8% retracement level. This is critical resistance
for Pharmaceutical HOLDRS.
A decisive close above $67.97 would likely lead to a run
for the January 11, 2008 highs at $77.82, a 14.4% gain
from Wednesday’s close.
Traders should be watching Pharmaceutical HOLDRS for any
bearish reversal patterns during the next few days which
could indicate a correction has begun. The 61.8% level
is the do-or-die level for most stock and ETF advances.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy holds a position in the Pharmaceutical
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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but there is no guarantee that future results will be profitable. |
