Adios, Q2………

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Seriously, this quarter sucked out loud, (for the bears, at least, in case there are any left) and I’m glad it’s over. Here’s to a Q3 which resembles Q1 much closer than Q2. Honestly! Blech!

Quite plainly, all this breathless chatter about $170 billion in equities being dumped today for “re-balancing” didn’t mean dick.


Here are some quarterly charts of major ETFs:

slopechart DIA
Right up against the broken trendline
slopechart IWM
Bounce right up to the horizontal
slopechart QQQ
Incredible strength, traversing the entire width of the channel
slopechart SPY
Pretty much undid the damage from Q1
slopechart ITB
Mirror image!
slopechart XHB
Another homebuilder fund with the same mirror image
slopechart GDX
Miners are really starting to rock! (Right on TNRev!)
slopechart GLD
Gold is looking great!
slopechart SLV
Silver is extremely close to a potential bullish trendline break
slopechart SMH
Semiconductors have been an important part of NASDAQ strength
slopechart XRT
Retail still in a broad downtrend, but it unwound the damage from Q1