Well, there’s no doubt about it. I miss my bear market terribly. And talk about feeling abandoned! ZeroHedge, once a save haven for equity bears, gets more ravingly bullish every single day, with their latest missive calling for a ‘melt-up’ to 4150. I remain heavily in cash – 40% – and my market confidence these days is in absolute tatters. What scares the piss out of me is that, following the next three days of big earnings events, if the market declares them Not So Terrible, it could supercharge what already has been an agonizing run-up in prices. Thus, I remain super-cautious. To help tease this out a bit, below are eight ETF charts, and a few words about each one.
I find this one intriguing, since we’re getting within range of a major price gap. I’ll give it more time. The closer it gets, the more intriguing it becomes.I am jealous! Emerging markets made ANOTHER lifetime low today. Jeez, how come the US is such an exception?And super-jealous even worse of this one – China! Just blown to smithereens, back to price levels for fifteen YEARS ago.Gold looks dangerously close to a major trendline failure.Semiconductor chart still looks plausibly bullish.Those two lines tell you everything you need to know. We’re in kind of a no man’s land right now, and I just looked at the volume profile while putting this piece together, and frankly it doesn’t’ yield any useful insights right now.Interest rates (as represented by the ultrashort-on-bonds fund) look close to a major peak.Lastly, the consumer staples, XLP, is within spitting distance of its own price gap. I imagine tomorrow morning’s KO report will help clarify if this is worth pursuing.
