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OK, looking outside the United States, here’s what happening with some big funds. The EFA formed a fantastic top, tinted in pink below, and has been banging out an increasingly violent series of lower lows and lower highs ever since. The most recent surge is by far the strongest of this entire bear market.
Below are five ETFs related to specific sectors which I found interesting.
First up is our old friend IYR, which is the real estate fund. I spilled much digital ink about how much I regretted dumping my puts on this around August 4, only to see them go up about seven-fold. This has surged recently (like everything else), and Friday I re-entered this position, determined to hold firm this time. Perhaps I’ll get a second bite at this apple. Take note how big the top is.
Let’s look at a few commodity ETFs together. In general, they have remained in an uptrend for two years. This channel needs to break in order for commodities to start a downtrend, which is going to require oil to lead the way (which it hasn’t).
I bought January puts on XLU this morning. My view is that the empty chasm between present price levels and that lower support trendline is an opportunity. The puts are already up 20%.
