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Last week was a doozy: Monday and Tuesday sucked out loud, and Wednesday and Thursday more than made up for their suckitude. Let’s look at ten ETFs.
The DIA is the odd man out. It hit a lifetime high. Mercifully, my concentration was in tech shorts.
It’s obviously been a terrific two days for those steadfast enough to actually defy this stupid market. I have taken some profits, covering, for example, a monster position in XLK, but on the whole I’m just tightening stops. I also have entered a new short in XLI, the industrials ETF, figuring that eventually old school companies will wake up to the blood swirling all around them. My stop-loss price is 185.70:
Here’s the long-term chart of the leveraged bullish instrument based on South Korea, KORU. I’d say this sucker looks ready to fall and fall hard.
Below are seven key ETFs. If the market gods smile upon us and keep the price action beneath the red horizontals, the bears have a serious chance of a good week ahead.
Time to thumb through some more fund charts. Let’s begin! We start with the NASDAQ 100 which, like so many others, has two prominent features: (a) the failure of the sharp uptrend that begin at the end of March (b) the establishment of what I believe is the first “lower high” that will define a new downtrend.
