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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 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 to see more commentaries by Frank Kollar.)
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Disclosure: Frank Kollar’s ETF Timing Strategy holds a position in the Oil Service HOLDRS Trust ETF.

Disclosure: Long on OIH.