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'?"
Word of the Day: Occidental \ok-si-DEN-tl\, adjective: 1. Western. 2. (Usually initial capital letter) of, pertaining to, or characteristic of the Occident or its natives and inhabitants. noun: 1. A native or inhabitant of the Occident.
(Occidental derives from the Latin occidentem, "western sky, part of the sky in which the sun sets." The word has been used in relation to Oriental.)
Today is: Donald Duck Day
Happy Birthday: 1915 – Les Paul, American guitarist (d. 2009); 1954 – Elizabeth May, Leader of the Green Party of Canada; 1961 – Aaron Sorkin, American writer; 1963 – Johnny Depp, American actor; 1973 – Tedy Bruschi, American football player; 1981 – Natalie Portman, Israeli-born actress; 1984 – Aruni Kashyap, Indian poet.
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: Long on OIH.