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!
That red resistance line has continued to do a rock-solid job of hemming in gold’s advance. The miners had almost completed a base, got repelled at the dashed blue line, took another lunge at it (the second time, succeeding) but couldn’t sustain the breakout. My favorite chart in metals, by far, ix the Metals & Mining sector, symbol XME, whose H&S pattern is just about perfection.On the tech front, the cubes perfectly tagged their Fibonacci retracement level. Tuesday’s trading action will be crucial to see if this holds or breaks!A big part of that strength, naturally, came from the semiconductor beast, which absolutely exploded higher on Thursday and Friday and, by way of put options, gave me one of my heftiest losses of 2023.
