New All Time Highs for Citrix Systems Inc (NASDAQ: CTXS)
Says Market Timer Frank Kollar
September 2, 2010 (FinancialWire) (By Frank Kollar)
While Wednesday’s September 1st stock market rally
lifted most share prices, most were lifted from near correction
lows. Shares of Citrix Systems Inc (NASDAQ: CTXS) however
rallied to new all time highs.
Citrix Systems gapped higher back on July 29 and share
prices since have stayed around the $57 to $58 dollar range.
Wednesday’s close at $60.38 was a breakout above
this trading range.
There are concerns. Citrix Systems is 50% above where
it was only a month ago. It is also sitting on that huge
July 29 gap open leaving a great deal of white space on
the daily chart.
Often gaps are filled. Considering the volatility in the
stock market, and the fact that we have had some ten huge
rally days, similar to Wednesday, over the past three months
and every one of them saw their gains erased in short order,
Citrix Systems looks a bit extended.
Similar to being out on a limb with the stock market being
the guy with a saw between you and the tree, we would be
careful and use tight stops on any purchase of Citrix Systems.
Or better yet wait for a pullback that fills the July 29
gap.
http://www.fibtimer.com does
not currently have a current position in Citrix Systems.
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.
Go to previous Press
Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2010, Market Timing Strategies, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
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. |
