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Let’s review five major ETFs this evening, briefly.
First up is the Dow 30 ‘diamonds”. Same story here, folks. The good news for the bears is that the lower highs are still absolutely intact. The not-so-good news is that the descending trendline is damaged. However, as I pointed out in a post earlier on Tuesday, breaking a trendline doesn’t mean the downtrend is over.
Today was an odd one. The market was so dull for the first 90% of the day, I just wasn’t feelin’ it, so I put up lazy posts. Then when things got fun and exciting at the end, I had a meeting to attend to, so I was out of pocket. I’m back now, though, and wanted to say that the IYR position I re-entered on Friday is working out great so far.
Let’s look at some of the biggest ETFs after this horrific week. We begin with the Dow 30 “diamonds” fund, which has been in a descending channel for over a year. One warning is that the rally over the past four weeks has been so powerful that, on Friday, we got a little above the resistance trendline. More importantly, however, we remain below the most recent “lower high”, so as long as that is intact, we’ve still got a downtrend.
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.
