Bullish Chart for Biotech HOLDRS (AMEX: BBH)
Says Market Timer Frank Kollar
August 6, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Biotech HOLDRS (AMEX: BBH) have been
moving higher since making what looks like a solid double
bottom with lows in early June and again in early July.
Biotech HOLDRS has risen 12.6% since those lows and is
now well above its 50-day moving average.
Shares have also closed well above their prior June 21
rally high and closed on Thursday, August 5 about 1% below
both their 200-day moving average as well as the 50% retracement
level for the entire March to June correction at $96.63.
A close above $96.63 would likely result in a run to the
$99.22 level. A close above $99.22 would likely result
in a run for the prior rally highs at $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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