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We are back to an “Othello” market. Down one day. Up the next. Down the next day. Up once again. I have just described this entire week to you.
Although stocks are very strong at the moment, I would suggest to you that Brazil’s longer-term trend is still downward, and that the ETF shown below is quite vulnerable to resuming its tumble the moment the “buy” algos are off.
The first three ratio charts show:
Each one’s Financial ETF is weaker than its country’s major index, and in the case of the EUFN and GXC ratios, are sitting at a major support level, while the XLF ratio is approaching major support.
It was only a few trading days ago that most U.S. equity indexes were at the highest levels in the history of Earth. They are cheerfully and blissfully overvalued, far more than all prior bubbles, and no meaningful breakdown has occurred in over 30 months. Even so, the markets outside the U.S. has been ripping at the seams, and I wanted to share seven charts that are illustrative of that happy fact:
What I know about Turkish politics could probably fill about two sentences (which, I suspect, puts me in the 95th percentile of Americans), but apparently it’s even worse there than here. Using the oh-so-spiffy currency charts from SlopeCharts, allow me to show you how their lira is doing:
