As we enter a new trading week, I wanted to go through the most interesting index charts and say a few words about each. You’ll find these musings in the caption area, and, as always, you can click on a chart for a larger version. The first three are visible to everyone, and the rest are only for paying members.
The “face-off” with the All World Index remains agonizingly unresolved. I’ve got to say, this looks like it “wants” to break out. On the other hand, a slump out of this pattern (that is to say, lower and to the right) would be devastating for the bulls.The Dow Jones Composite is in a slow, gradual downtrend. I know that seems hard to believe, but the channel lines speak for themselves.It’s disappointing that the Saudi Arabian TASI index found such rigid support at the channel’s midline, but there you have it. I’ve still got energy shorts, and this midline has to be broken to make those really worthwhile.
My own positioning is in 16 different put positions, 13 of them based on individual equities and 3 of them on ETFs (specifically SMH, XME, and IEFA).
