- Technical Market Commentary -

August 6, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the ETF Biotech HOLDRS (AMEX: BBH) have been moving higher since making what looks like a solid double bottom with lows in early June and again in early July. Biotech HOLDRS has risen 12.6% since those lows and is now well above its 50-day moving average.

Shares have also closed well above their prior June 21 rally high and closed on Thursday, August 5 about 1% below both their 200-day moving average as well as the 50% retracement level for the entire March to June correction at $96.63.

A close above $96.63 would likely result in a run to the $99.22 level. A close above $99.22 would likely result in a run for the prior rally highs at $107 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.)

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The FirstAlert(tm) Economics Calendar lists Employment Report for July (8:30 a.m.), Consumer Credit for June (3 p.m.).

FirstAlert(tm) Website of the Day: http://www.terrain.org/essays/14/cohen.htm

Quote of the Day: "The secret to staying young is to live honestly, eat slowly, and lie about your age." Lucille Ball

Word of the Day: cheechako \ chee-CHAH-koh \  , noun; A tenderfoot; greenhorn; newcomer.

In context: "As a cheechako  to Hawaii I wasn't sure what to expect, but right from the beginning the crafters made me feel right at home." — Tanna Peters, "Craft encounters wherever you go," Capital City Weekly, July 2010

Today is: Hiroshima Day.

Happy Birthday: (1911) Lucille Ball (d. April 26, 1989)

Today in History: Alice Ramsey and three friends in 1909 became the first women to complete a transcontinental auto trip.

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy has a position in Biotech HOLDRS.

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