Dr. Strangechart
create your own charts at slopecharts.com
After a very successful Monday, let’s review seven important up-to-date ETFs.
First up is the Dow 30 DIA. This is pretty much the last man standing. It is the only major ETF that hasn’t broken its March 30th trendline, but by God, when it does, I’ll be sure to mention it. It’s so close!
Emerging markets have been selling off for weeks at this point. I suppose without all the political helium going into these markets (in contrast with the U.S.) they actually have been permitted to bleed out.
I came into the day short South Korea, by way of EWY. I covered it promptly for no good reason at all except to reduce risk, but as I sit here now, it still looks terrific and I wish I was still short. South Korea’s equity market is going to be completely screwed in the months ahead.
Speaking of wishing, I also wish I stuck with my precious metals bearish positions. Gold has been stumbling for almost half a year now, and as gold miners have crumbled away, the inverse fund DUST has almost DOUBLED in value since March 2nd
The small caps chart below shows more data than the others. It has crammed between two trendlines and has broken below its support quite nicely. I’d say the top is in on this bad boy.
Oh, and back to precious for a moment, silver, too, looks totally hosed. I am so glad I sold off so much of my bullion back in the mayhem of January. I’ll never forget how many people were crammed into my local bullion dealer’s shop, buying anything he had, when normally I’d be the only guy in the place.
And I must exhale a huge sigh of relief that the S&P 500 did NOT push above its multi-month range. I was seriously wringing my hands about lifetime highs first thing Monday, but as we can plainly see, the war (which apparently is a “new“ war, since the POTUS wants another 60 free days to not bother with Congress) has become the friend of the bears once more.
