AmerisourceBergen Corp (NYSE: ABC)
Still in Uptrend Says Market Timer Frank Kollar
May 20, 2010 (FinancialWire) (By Frank Kollar)
Shares of AmerisourceBergen Corp (NYSE: ABC) continue
to move high even while the stock market is in the midst
of a correction.
Though AmerisourceBergen did suffer intra-day declines
during the computer generated mini-crash two weeks ago,
it regained all the lost ground in two days, while the
rest of the stock market did not and many stocks are now
closing in on those mini-crash lows.
Over the past five trading days, AmerisourceBergen reached
$32.00 intra-day before pulling back to close slightly
lower. $32.00 would be an all time closing high for this
stock, and considering the health of the stock market at
this time, quite an accomplishment for AmerisourceBergen.
Look for a close above $32.00 a share in coming days to
signal a new move higher. If the new high is not reached
soon, AmerisourceBergen should weather any upcoming market
instability quite well with strong support at about $30.50
a share.
The Fibtimer.com (http://www.fibtimer.com)
Stock Timing Strategy holds a position in AmerisourceBergen.
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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