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This was an enormously important week in the markets. Let’s look at a dozen crucial ETF charts. First off is the emerging markets, which is sporting a fantastic wedge pattern. It broken this pattern months ago and executed a pitch-perfect “tag” of the underbelly of the wedge pattern just a couple of days ago. The fall on Friday makes all the sense in the world.
The symbol ZSL is a double-inverse fund based on silver. It’s fascinating to see how the volume on this went absolutely ape this week.
On Wednesday, I bought FNGD, the triple–bearish ETF based on the FAANG stocks. That decision was kind of bonkers, but the amazing things is that even though the market raged higher due to Trump’s TACO, I intended the day with a profitable position! I would like to particularly point out the massive increase in volume lately. It seems to me that the volume on Wednesday was a new record.
Putting this another way, if this was just a normal stock, it looks like an absolutely textbook example of the sort of thing you’d want to buy hand over fist.
Please note that the ETF for the FAANG stocks has topped and has, for your convenience, hammered out a beautiful price gap for the purposes of a stop-loss order. Just sayin’.
