Ishares Russell 2000 Fund (NYSE: IWM) Headed Higher
Says Market Timer Frank Kollar
August 3, 2010 (FinancialWire) (By Frank Kollar)
Shares of the small cap ETF Ishares Russell 2000 Fund
(NYSE: IWM) rose 2% in Monday’s August 2 economic
report inspired rally.
IWM closed above its 50-day moving average as well as
its 200-day moving average on Monday. Both of these averages
had been broken last week, but after several days of selling
IWM closed on Friday just above them. Both averages acted
as support.
Monday’s close places IWM a fraction below its 50%
retracement for the entire April to July. This resistance
level is at $66.66. If surpassed, IWM will quickly face
the 61.8% retracement level at $68.54.
The $68.54 level, if surpassed, would likely point IWM
to a run for its prior April highs at $74 a share.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy holds a position in the Ishares Russell
2000 Fund.
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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any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
