Preface to all ETF posts this weekend: This is not a normal holiday weekend. Supposedly, when we return to the trading world Tuesday, there will be some resolution (or more chaos) regarding the debt ceiling. In the meanwhile, I have gathered together different families of ETFs for review, and I have stated my remarks in the caption area below each.
I would also like to note that, as a special this holiday weekend, I am giving away my Joy of Charting book, which I will ship to you free of charge for signing up at ANY subscription level. Just drop me a line when you subscribe to tell me where to send it. As an added bonus, I’ll also provide a copy of my Solid State audiobook for your listening pleasure, free of charge!
Although not energy per se, the DBC fund is dominated by crude oil. We can see how, for many months, the DBC has been ‘leaking away” from its broken channel.Oil specifically has been hammering out a tremendous right triangle top, although it is not complete yet.The energy sector caused slight damage to its blue supporting trendline. Another crack at this would set the sector sailing lower.My only energy ETF position is puts in XOP, which I acquired on Thursday. These have respected their descending resistance line, and a break of the dashed green line would put the bow on a beautiful topping pattern.
