- Technical Market Commentary -

December 3, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the Oil Service HLDRS Trust ETF (OIH) broke out above strong resistance that had held shares at the $130.00 level. On Wednesday, December 1, share prices gapped higher at the open and closed at $134.15. On Thursday, December 2, share prices confirmed the breakout by closing at $136.18.

Thursday’s close was also above the April, 2010 rally closing highs and are now at their highest level since April 2008 when OIH was in a bear market decline.

OIH should reach at least $148.34 over coming weeks. If that level is surpassed, the target will be $164.36; while it is unlikely $164.36 will be reached without additional corrective activity along the way.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/12/03/vol-ldr-rsrch-35/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/12/03/fa-am-digest-41/ for today’s The FirstAlert(tm) Morning Digest summary.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy has a position in the Oil Service HLDRS Trust ETF.

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