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TimerFrank
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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • Higher Highs Ahead for Biotech HOLDRS (AMEX: BBH) 0 comments
    Apr 5, 2010 4:33 PM | about stocks: BBH

    April 6, 2010

    Shares of the ETF Biotech HOLDRS (AMEX: BBH) have been climbing steadily higher since reversing from correction lows in November 2009. How much higher can they go?

    Biotech HOLDRS has closed above its 2005, 2008 and 2009 rally highs. Currently it has pulled back a bit, to its 50-day moving average, but since prices have already closed above those three high points on March 19 and March 22, where to next?

    Biotech HOLDRS all time high was reached in 2000 at about $122. That is the target for this advance.

    To get there, Biotech HOLDRS must close above $107.99, the 127.2% retracement of its August to November decline. The current pullback began right at $107.

    The last resistance is at $113.19, the 161.8% retracement of the August to November decline. When this level is surpassed, look for $122 to be reached shortly thereafter.

    Currently there is strong support at $102.86 which is the 50-day moving average.



    Disclosure: The Fibtimer.com (www.fibtimer.com) ETF Timing Strategy holds a position in Biotech HOLDRS.
    Themes: biotech etf, Biotech HOLDRS, BBH, market timing Stocks: BBH
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