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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%.
Time to hop overseas and explore some non-U.S. markets by way of their ETFs. We start with one of the biggies, the EFA, which is all markets except North America. There is potential for more strength here (although I hope not) represented by that dashed line.
We begin with gold, which barely cracked a huge supporting trendline, only to do a marvelous head fake and blast over $50/ounce higher on Friday. Take note the gap it is approaching is important resistance.
