It’s all about the Technology and Healthcare sectors this year, in terms of gains made, so far, as shown on the following 1-year charts and year-to-date graphs of the Major Indices and 9 Major Sectors.
The laggard, Energy, may be poised for a recovery, if it can hold above its downtrending 50-day moving average.
The Materials sector is on the verge of new breakout. Keep an eye on GOLD and Gold Miners ETF, as I’ve recently described here and here.
The Russell 2000 Index is still mired in a large-scale sideways consolidation zone. Watch for any breakout (and sustained hold) above this zone as a potential signal of renewed and serious riskier asset-buying in the markets, in general. (more…)
Price on three top Insurance ETFs has been dropping since mid-August, as shown on the following Daily charts of IAK, KBWP and KIE. In the process, they made some extreme lower swing lows on each of their respective three technical indicators, suggesting that further weakness lies ahead.
As of Friday’s close, they are trading around their 200-day moving averages, so failure to regain an upward bias from that level could spell further sharp drops for these ETFs. Watch for any major volume spikes on further weakness to indicate possible panic selling. In the short term, we may, first, see a retest of their 50-day moving average (possible “Dead Cat Bounce”) before the next leg down occurs. (more…)
The Technology ETF (XLK) is close to forming a “SELL” signal. Two of the three technical indicators on the Daily chart below have done so, as of Friday’s close, while the RSI threatens to join the MACD and PMO if it crosses below the 50 level. Price action this week, following its all-time high made last Friday, has been overly bearish.
Watch for a potential retest of the 50-day moving average around 57.00, or lower to, even, the 200 MA around 53.00, on signs of escalating weakness.
Well, it’s the same thing for my trading today – – “profitable yet annoying.” I guess it beats “losing and soothing.”
Some of my strength is coming from semiconductor shorts. Let’s face it, most semi strength lately has come from the totally retarded ascent of cryptocurrency, which seems to be kind of hitting some rough patches, after hitting the laughable $5,000/bitcoin level.
I’ve spent the past few months dissing lame-ass eating destinations such as Cheesecake Factory, Chili’s, and Fiesta Restaurant Group, among others. Here’s a sampling of some of the breakdowns that have been taking place (and I think we’re just getting started).
It’s another fine day in Slope-land. I’m up 2.5% (completely short portfolio……….duh) while the QQQ is down 0.01%. So, yeah, I’m beating it.
Of aid here is retail:
Many of you know of my fondness for being short auto retailers. This really paid off last month when such firms as O’Reilly Auto Parts……..