Image Source: PixabayToday has been shamefully devoid of original content by me. Before I head to bed, I wanted to fix that! Thus, below, I share a number of ETF charts and a few words about each of them, now that this first day of the trading year is behind us.We begin with DBC, which is doing a yeoman’s job of sinking. It is approaching the lower half of its long-time descending channel, and I think energy is speaking truthfully to us about what’s ahead for the economy (as opposed to, let’s say, that four-foot dwarf named Janet Yellen who ranks as one of the most vile and evil humans ever to be spawned on planet Earth, and whose very presence here is a curse to all decent men and women).
The IEFA, global equities, is sinking away from its long-term broken uptrend.
Gold miners (GDXJ) still have an absolutely solid chance of rallying, provided prices don’t’ sink back again into that green-tinted zone.
China, as always, is sucking panda bear, as it continues to weaken beneath its right triangle.
One of my three sine-wave trades, the small caps, had a nice down day today and is behaving itself perfectly properly.
Tech stocks got kicked in the balls, thanks to both severe AAPL weakness (investment bank downgrade) as well as profit-taking on tech in general.
The same holds true for semiconductors, which is of course very dependent on a single stock, Nvidia (NVDA).
Bonds, precisely as I hoped and predicted, as sinking away from that broken red uptrend.
My second “sine wave trade”, utilities, was annoyingly strong today, perhaps as a defensive play. I actually bought a few more puts as it strengthened, but it sure as hell better start to weaken again soon.
My third and final sine wave trade, retail, went down today, which is a good thing. I’ve got March puts on all of these (IWM, XRT, XLU) and am really needing these to work out before I get aggressive with my trading again.
It has been an exceptionally long day (trip to airport, miserable red-eye light, lots of driving, lots of packing, all the while trying to do my job more-or-less) so I’m going to turn in. See you on Wednesday!More By This Author:US Stock Market Winners And Losers Of 2023It Ain’t NormalThis Is Just The Beginning
