Higher Highs Ahead for Biotech HOLDRS
(AMEX: BBH) Says Market Timer Frank Kollar
June 22, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Biotech HOLDRS (AMEX: BBH) have been
climbing steadily higher since reversing from correction
lows in early June 2010. How much higher can they go?
Biotech HOLDRS traded above its 50-day moving average
on Monday, June 21 before pulling back. Yet even as the
major indexes ended in the red, Biotech HOLDRS closed with
an almost 1% gain.
The target for Biotech HOLDRS in this advance is $99.22
a share. This level is the 61.8% retracement of the entire
March to June decline for Biotech HOLDRS and strong resistance
should be expected.
Should Biotech HOLDRS close above $99.22 traders can look
for an advance that should test this ETF’s prior
March highs, above $107 a share.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy holds a position in Biotech 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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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. |
