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As we get older, we tend to have more understanding and empathy for our parents, since we begin to experience some of the same things they did. I am reminded of this fact by way of an unlikely prompt, which is my email client.
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The past few days have provided a much-needed relief rally to the market as a whole. Across a wide span of financial assets, a quick and powerful upsurge has sprung prices from the depths toward what I perceive as vitally-important zones of resistance. These take the form of price gaps, Fibonacci resistance levels, or simple horizontal lines, but in each case it will take very little to complete the trip to these exhaustion zones (or, if you’re inclined to be bullish, the same charts show that it wouldn’t take very much to violate these levels of resistance and put even more wind into the bullish sails).
Below are twenty-one ETFs I believe illustrate this succinctly. I’ll share a few words preceding each chart to summarize why I think it is at a meaningful price juncture.
We start with the commodities fund, which re-penetrated its descending price channel and formed a small rounded top. The war in Gaza pushed oil prices strongly higher, but the price gap caused between Friday and Monday is close to being sealed. Oil is the biggest component of DBC.
This is a financial market article that also delves into social commentary. The new macro, as exemplified by the 30 year Treasury Bond yield chart below, will bring change; both social and financial. The two are, of course, related. Here we do not come to firm conclusions, and so perhaps the article does not get picked up by some re-publishers. But in a time of change, I believe that the process of interpretation is more important than forming conclusions, just yet. Conclusions will be handled by trend followers, promoters and gurus, as they have been for decades.
(more…)What has taken place with the Dow 15 Utilities (and its trade-able counterpart, the fund XLU) over just the past twenty days has been nothing short of extraordinary. It would be worthwhile to examine what has taken place with this instrument and what appears to be forthcoming.
Just to jump to the end of this film, here is the present Dow Utilities. The red arrow marks the point where I established my bearish position, and the green arrow marks where I established my bullish position. As some folks know (since I never stop talking about it), the bearish position created a profit of over 300% in just two weeks, although I got out at the +140% mark, a decision for which I haven’t stopped kicking myself.
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