Stocks & Commodities V. 22:10 (72-73): Intermarket Review by David Penn

Stocks & Commodities V. 22:10 (72-73): Intermarket Review by David Penn
Item# \V22\C10\222INTR.pdf
Availability: In Stock

Product Description

Stocks & Commodities V. 22:10 (72-73): Intermarket Review by David Penn

HOLDRS, or Holding Company Depositary Receipts, are exchange-traded products created by Merrill Lynch & Co. that allow individual investors and institutions to own a basket of common stocks from companies within a specific industry or market sector. Unlike other exchange-traded products, HOLDRS investors have ownership rights to the underlying stocks in a given HOLDR should they choose to exercise them (a process called “canceling”). The component stocks of individual HOLDRS are selected based on market capitalization, liquidity, price/earnings ratio, and other factors. Component stocks may be equally weighted in a given HOLDR, or weighted based on market capitalization.


The Oil Service HOLDRS (OIH) are designed to provide investors with exposure to companies involved in the drilling, production, and refinement of petroleum products. OIH components include Baker Hughes, Halliburton, Global Santa Fe, Transocean Sedco Forex, and Schlumberger Ltd.

The OIH emerged from a volatile, but overall bullish, market in 2003 to set major new highs in the summer of 2004 as energy prices surged. Breaking out over its 20-week simple moving average in the fourth quarter of 2003, OIH corrected into the second quarter of the year but found support on its 50-week simple moving average. It was the rally from this support that has allowed the OIH to perform so well into 2004, when other markets were failing.

*Note: $2.95-$5.95 Articles are in PDF format only. No hard copy of the article(s) will be delivered. During checkout, click the "Download Now" button to immediately receive your article(s) purchase. STOCKS & COMMODITIES magazine is delivered via mail. After paying for your subscription at users can view the S&C Digital Edition in the subscriber's section on

Take Control of Your Trading.
Professional Traders' Starter Kit
All these items shown below only $299.99!
  • 5-year subscription to Technical Analysis of STOCKS & COMMODITIES, The Traders' magazine. (Shipping outside the US is extra. Washington state addresses require sales tax based on your locale.)
  • 5 year access to S&C Archive
  • 5 year access to S&C Digital Edition
  • 5-year subscription to Advantage.
  • 5-year subscription to Working Money.
  • Free book selection.
  • Click Here to Order