FirstAlert(tm) Digest 8/3/10: Russell 2000 Fund Headed Higher

- Technical Commentary -

August 3, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the small-cap ETF iShares Russell 2000 Fund (NYSE: IWM) rose 2% in Monday’s August 2 economic report inspired rally. IWM closed above its 50-day moving average as well as its 200-day moving average on Monday. Both of these averages had been broken last week, but after several days of selling IWM closed on Friday just above them. Both averages acted as support.

Monday’s close places IWM a fraction below its 50% retracement for the entire April to July. This resistance level is at $66.66. If surpassed, IWM will quickly face the 61.8% retracement level at $68.54. The $68.54 level, if surpassed, would likely point IWM to a run for its prior April highs at $74 a share.

(Go to http://www.financialwire.net/2010/04/22/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

The FirstAlert(tm) Economics Calendar lists Personal Income & Consumption Spending for June (8:30 a.m.), Weekly Chain Store Sales (8:55 a.m.), Factory Orders for June (10 a.m.), Pending Home Sales for June (10 a.m.), Auto Sales for July

The FirstAlert(tm) Events Calendar showcases TSPT, CELG, ABT, HUM at Wedbush Morgan Securities Life Sciences Best Ideas MAC: Management Access Conference

The FirstAlert(tm) Earnings Calendar highlights Actuate Corporation ACTU, Cosco Corp COIVF, Healthsouth HLS, and Herbalife Ltd HLF.

FirstAlert(tm) Website of the Day: http://www.retirementliving.com/

Quote of the Day: "God don't make no mistakes. That's how He got to be God." Carroll "Archie Bunker" O'Connor

Word of the Day: spatchcock \ SPACH-kok \ verb; To insert or interpolate, esp. in a forced or incongruous manner.

In context: "Government business managers tend naturally to spatchcock what may appear to them as esoteric bills into business after 10 pm at night." — Tam Dalyell, "Westminster Scene," New Scientist, July 1971.

Today is: Watermelon Day.

Happy Birthday: Martha Stewart (1941).

Today in History: Henry Hudson sailed in 1610 into what it is now known as Hudson Bay, thinking he had made it through the Northwest Passage and reached the Pacific Ocean.

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy holds a position in the iShares Russell 2000 Fund.

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FirstAlert(tm) Digest 8/3/10: Russell 2000 Fund Headed Higher

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