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As we head into the thick of earnings season next week, I thought I’d share a few thoughts on some critically important exchange-traded funds.
We begin with the DIA “diamonds”, the Dow 30 fund, which has a triple-top (see horizontal) and got smacked hard on Friday, thanks largely to Boeing.
Even as the general equity market surges to some of the highest prices in human history (thanks to Powell’s QE4 injection of nearly a trillion dollars annually), the Consumer Staples ETF (symbol XLP) isn’t playing along. I wanted to point out the break in its wedge pattern, which just took place.
Another day, another cool SlopeCharts improvement! And this is one I haven’t seen with any other charting platform.
The way it works is that you right-click on a symbol in any watchlist, or on the chart itself, and you’ll see a new menu item called ETF Inclusion:
To my way of thinking, one proxy for the whole China/US trade deal (or no deal) is the agricultural products fund, symbol DBA. It isn’t particularly heavily-traded, and it’s been in a steady grind-down for years.
I am doing a lot of scalping/day trading these days, and my best position at the moment is my short in XLE, the energy fund. Here it is with a trio of exponential moving averages.
