Stocks & ETFs
The closely-followed iShares Biotechnology ETF (IBB) continues to show technical deterioration following it’s mini-blowoff in late June/early July to complete a 4-month Bearish Bat harmonic pattern near $266. Over the last 4 weeks, IBB – amidst a broader environment justifiably referred to as “manic” or “bubbly” – has built out a Head & Shoulders Top pattern from which it has broken down during Wednesday’s session in trade below its neckline
In the category of market defeat snatched from the jaws of victory, the super-heated Biotech industry is showing early signs of relapsing into the technically challenged behavior it briefly displayed back in the Spring. One of the “Charts to Watch During the Summer Doldrums“, the iShares NASDAQ Biotechnology ETF (IBB) is proving to be anything but dull, shedding over -5% in this week’s first two days of trading. IBB’s 6
Since the beginning of 2011, copper has been a lousy market aside from the occasional position trade. But that tide could be ready to change. This could create an investment opportunity in iPath DJ-UBS Copper Trust Sub-Index ETN (JJC). COMEX copper futures have dipped beneath 3.000 three times since May 2013 and recovered each time. That appears to be a psychological floor. What particularly jumps out at me is a
Precious metals made a statement this past week. Silver, in particular, caught my attention. It was higher by more than 6% for the week. That kind of move puts the silver miners on my radar. One miner that came across on my chart scans is Silver Wheaton (SLW). Let’s take a look at some things that stand out to me on both the long-term and short-term price charts. Silver Wheaton
In just three weeks, Silver has gone from the brink of collapse to being on the verge of a price breakout. But this sort of price action isn’t uncommon from assets in a longer-term corrective phase; in short, bulls get worn down by the short relief rallies that return to the grinding stair-step lower. That said, the price action in the Silver ETF (SLV) looks promising, provided follow through confirmation arrives shortly.
The SPDR S&P 500 ETF Trust (SPY) installed it’s 3rd consecutive daily close above it’s upper Bollinger Band (20,2) with Thursday’s low-volume drift further into the ether of new all-time highs. Over the last 10 years, this technical event has occurred just 9 times. Despite the rarity of it’s extended bullish orientation and possessing the indelible aura of a market getting ahead of itself in the short-term, this is by
As many investors begin to prepare for the long holiday weekend, the major indices are nearing a critical juncture. Is a breakout coming. Or will the key resistance levels continue to hold equities back into summer? With the recent rally in equities, the major indices are trying to extend the “Sell In May” theme by another month. The S&P 500 and Dow Jones Industrial Average are near new highs and the
Despite the excitement surrounding the S&P 500 briefly touching all-time highs on Monday, the market has yet to demonstrate proper follow-thru or confirmation that a new uptrend has begun. See It Market contributor Andrew Thrasher did a great job of highlighting several non-confirming divergences yesterday. The rotation is well underway and many of the old leaders are down while defensive names are up. It can be a challenge in this
In recent weeks, I’ve laid out a few considerations on See It Market around small caps that I think will prove important in the coming weeks and months, whether your preferred time frame is measured in minutes or days. “Small cap” may sound niche or of limited relevance; but these observations carry important implications for medium and large caps, as well. Tying them all together, here’s a brief review: Secular
There have been some interesting developments in the semiconductor sector that I think are worth mentioning. Moreover, I think recent moves in this space could be signaling something more ominous on the horizon. To highlight this, let’s take a look at the Market Vectors Semiconductor ETF (SMH) and a few charts. The first chart is a daily chart that shows why the SMH came up on my radar and why
