Best Stock Charts June 11, 2017
Last week the FANG stocks as well as other leading stocks which make up the ETF (QQQ) saw a flash crash. Some respected traders such as Doug Kass of Sea Breeze Partners point to a “fat fingered” trade of (AMZN). While Doug may be correct I think that the timing is far to suspect given the fact that the markets are trading at all time highs with extended valuations which is no reason to be short. However, when you factor in the weak and getting weaker economic data then later observations combined with economic weakness and signals by the bond market should make every trader very cautious of a continuation move lower. My guess being a sell the Fed announcement on Wednesday.
As contrarians we have been building short positions in betting against the (QQQ) and the (SMH) and we plan to add to those positions. As for our long trades on the market we continue to build positions in the emerging markets which are up 18% in 2017 and they haven’t even broken out of their trading range yet which cannot be said for the QQQ’s which are up 18% as well.
Our 2017 bet on a decline in the US Dollar has been accurate. We expected a brief rally last week in the green back but do not expect it to last. On any continuation breakdown we will add to our gold and gold mining positions as well as add to our agriculture potions.
Charts discussed in this video are posted on our Best Stock Charts Discussion group. Click link below to join.
FAQ: How do I cancel If I don’t like your service? Send an email to email@example.com prior to the 15th day and you will not be billed.
FAQ: What is the difference between Gold and Silver memberships? Gold is a far more engaging expierence with Bob. You’ll have access to Members Stock Chart Request and Trade Coach and Second Opinion
If you have any other questions contact Nancy using the live chat at lower left and she will respond to your questions with regard to services or the charts.