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10/07/2004 Archived Entry: "Fibmaster's Daily Update"

Sector Focus: XLP = Consumer Staples Select Spyder
Update Oct 6th - The daily chart for XLP shows several declining tops, in June, July, and September 2004. Since the recent bottom in late September, XLP has rallied from $21.36 to $22.00 a few days ago. Are the bulls finally back? I think not, or perhaps only temporarily. There is Fibonacci resistance at $22.25 to $22.50 that could prove to be too much for the bulls. Trader holding XLP should consider taking profits at that level. Bears will look to enter short in that area on signs of resistance.

Sector Focus: XLE = Energy Select Spyder
Update Oct 6th - What is there to say about this chart? It's off to the moon! Under the influence of oil.. XLE has rallied from a low near $20.00 in 2002 to $36.43 today. And no sign of resistance overhead. Almost. There is a FibLevel at $37.35 that may bring some selling, but I'm not too confident of that when I look at the recent chart. Let's see how it behaves up there. Until then, buy dips on this chart!

Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
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