Shares of Biotech HOLDRS (AMEX: BBH) Rally
Says Market Timer Frank Kollar
August 13, 2010 (FinancialWire) (By Frank Kollar)
Shares of the ETF Biotech HOLDRS (AMEX: BBH) rallied on
Thursday, August 12, while the stock market continued to
sell off.
Biotech HOLDRS has been stronger than the general market
since it put in a solid double bottom in June and early
July, rising some 13% from July to mid-August.
Shares sold off after reaching their 50% retracement level
of the entire March to July declines at $96.63. This was
also the 200-day moving average.
But half of those losses were recovered on August 12 as
shares bucked the trend and rose $.99 or just over 1%.
If Biotech HOLDRS can close above $96.77, look for a run
to at least $100 a share and possibly a test of the prior
rally highs at $106 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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