The short-selling fund, symbol HDGE, sums it up nicely. The year was fantastic for the bears………for a little while. Every since February 11, which feels like about fifty years ago, it’s been a complete shit-show. I’m starting to think it’s going to be this way in perpetuity.
The killer is that there is a plethora of amazing short setups for individual stocks, but none of them are going to amount to jack squat as long as the market keeps getting drifted higher day after day. It’s a drag.
First off, a tip-of-the-hat to criticism: I gave the first draft of my screenplay to a professional script reader a couple of weeks ago. He thought the story was marvelous but the execution was severely flawed. Sensitive soul that I am, I was tempted for a few moments to just forget the whole thing (since the odds of a first screenplay ever seeing the light of day are just about ZERO), but I decided to do what he said and write up a treatment for a second draft. I just finished, and holy Lord, it’s about ten times better than the first. So I’m very excited about where this is going. You’ll laugh. You’ll cry. You’ll remember you read about it first on Slope.
Back to charts………..the miners (GDX) broke their channel this week, and I think juniors could be next. Keep a close eye on that lower channel trendline!
Not much to say today, although I’ll mention (again) the agricultural fund, symbol DBA, is looking pretty decent as a conservative bullish setup. I like the pickup in volume as well.
As I’ve been “warning” on my little TastyTrade segment, miners have been looking awfully vulnerable. It took a few days, but it’s finally happened – – the miners, represented by the ETF symbol GDX, have broken their ascending channel which has been in place pretty much the entirety of the year. The juniors version (GDXJ) hasn’t quite broken yet, but it’s getting close.