My PLUS (AKA Slope GOLD) post for subscribers last week, on the 7th, must have been the timeliest of the year. Emerging markets have been absolutely falling to pieces, and after yesterday’s ridiculous, meaningless bounce-back rally, things are the proper color again: Red.
I’m getting a very late start this morning, so here are a few ETF charts I think merit observation. First is the oil and gas explorers, which is on the cusp of an important breakdown. This morning’s crude oil inventory report will abort this breakdown or get it rolling.