I like clean charts, but the market gods have decided this isn't the time to produce crystal clear trends and patterns. It's a murky, mucky, mess.
For example, last week, I felt the financial ultrashorts were looking pretty good. Look at SKF and FAZ, below. FAZ in particular (the one with the tinted breakout) was beautiful. But this week, it fell to pieces, and the most I would hope for (as a chartist) at this point would be a retracement back to the broken trendline.
I suppose the reason they're showing any strength at all today, in spite of the Dow being flat, is thanks to GE, which has actually been stumbling lower fairly steadily since May.
I love sharing good ideas here – I really do – but nothing is leaping out at me, and I don't want to offer up flimsy charts.
I guess there are times when things are just really unclear, and this is one of those times. I never want to go through a week like this again.
