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Normally, a leveraged ETF looks something like the chart below: no matter what ups and downs are taking place, it grinds itself inexorably down to zero. This particular chart is DUST, which is the leveraged bet against precious metals miners.
In my last post on Tuesday 7th July I was looking at the setup for a strong rally on Oil starting and at the time of writing today Brent Crude is up about $11 and West Texas Intermediate Crude (WTIC) is up about $8 since then. So what now?
On the daily chart the highs last week were at the daily middle bands on both, and in my The Bigger Picture webinar on Sunday I was talking about the importance of those middle bands being broken with confidence to open further upside. That was done yesterday, so today I’m looking at upside targets and resistance levels for this move.
On Brent Crude a decent quality IHS has broken up with a target in the 91.60 area. That looks credible as a target, though I would note that there is an area in the 89.50 to 90.00 range that was important on the way down. That could now be resistance. Above that there are significant broken support areas at 96 and 98/9.
(more…)The big economic event of the week is done – – that is, the release of the government’s own totally-not-made-up-for-political-purposes inflation data, and it just confirms what we’ve all suspected: things are just getting cheaper and cheaper! You betcha! Forget inflation. Prices are deflating, buddy!
I just learned about the existence of this movie today. Looks like a winner to me:
