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FirstAlert(tm) Daily 6/9/10: Oil Service Trust ETF Maybe Near Bottom

|Includes: BAC, C, VanEck Vectors Oil Services ETF (OIH), QQQ, SPY, XLF
June 9, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) -- Shares of the ETF Oil Service HOLDRs Trust (NYSE: OIH) are nearing levels that may result in a reversal and at least a short term advance. The ETF almost reached the $90 level in intra-day trading on Tuesday, before reversing and closing at $92.64. That low is where the ETF reversed last week, and is also close to a bottom that ended a steep decline back on July 8, 2009. If OIH holds there, we could see a reversal and rally in coming days that will take the ETF back up to $112 to $118 per share.
Should OIH break and close above $97.24 per share in coming days, look for an advance. A close below $89.48 voids that possibility, however, and would likely result in lower lows -- though there is another strong level of support down at $86.96 per share.
(Go to http://www.financialwire.net/?s=frank+kollar to see more commentaries by Frank Kollar.)
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The FirstAlert(tm) Economics Calendar lists Wholesale Trade for April (10 am ET); EIA Petroleum Inventories (10:30 am ET); Treasury auctions 10-year notes (1 pm ET); Fed releases Beige Book (2 pm ET); Fed Chairman Bernanke speaks (4 pm ET).
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Quote of the Day: "Rodgers and Hammerstein, if you can imagine it taking two men to write one song." --Cole Porter (06/09/1892 – 10/15/1964), US songwriter , when asked "Who wrote 'Some Enchanted Evening'?"
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Today in History: 53 A.D. – Roman Emperor Nero marries Claudia Octavia; 62 A.D. – Claudia Octavia is executed; 68 A.D. – Roman Emperor Nero commits suicide, after quoting Homer's Iliad; 1310 – Duccio's Maestà Altarpiece, a seminal artwork of the early Italian Renaissance, is unveiled and installed in the Siena Cathedral in Siena, Italy; 1856 – Five hundred Mormons leave Iowa City, Iowa, and head west for Salt Lake City carrying all their possessions in two-wheeled handcarts; 1915 – William Jennings Bryan resigns as Woodrow Wilson's Secretary of State over a disagreement regarding the United States' handling of the sinking of the RMS Lusitania; 1934 – Donald Duck makes his debut in The Wise Little Hen; 1973 – Secretariat wins the Triple Crown; 1993 – The Minnesota North Stars were relocated to Dallas, and were renamed the Dallas Stars.
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Disclosure: Frank Kollar’s Fibtimer.com ETF Timing Strategy holds a position in the Oil Service HOLDRS Trust ETF.

Disclosure: Long on OIH.