If crude oil loses the highlighted daily chart bear flag, below, I am considering DTO SCO inverse ETF’s to short black gold.
As you know, crude has been quite weak for some time and has failed to hold much of a bounce at all.
Against that backdrop, a washout is still a clear risk, especially with the USO ETF loses $30.
What are you trading this morning?
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For you night owls out there, feel free to drop me any market/trading-related topics you would like me to cover in a weekend video.
In addition, anything else about the current market, feel free to drop below.
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I am looking at Burger King as a long idea, especially over $32, with $29 below needing to hold. Note the decent technical setup on the first daily chart, below.
And General Motors is still a short setup, reversing lower today on the daily chart, second below.
What are you trading this afternoon?
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Biotechnology stocks continue to give off an aura of invincibility, as demonstrated by the biotech sector ETF’s latest V-shape rally from just below its 200-day moving average to new all-time highs…in just a matter of days.
At this point, it is hard to see bears being able to hold the broad market initiative for more than a day or two unless we see a meaningful downside reversal which holds in this sector. CELG REGN appear to be leafing the group, while BIIB GILD are slightly lagging and not making new highs today.
I have taken a few shots on the short side but have not been stubborn with them–There will be plenty of time to press and hold when the market finally does crack.
For now, biotechs are part and parcel of the pain trade for underinvested fund managers who need to chase performance into year-end.
The monthly sector ETF chart, below, illustrates my point, with a steep ascent coupled with October’s enormous and rare monthly candle, obviously well off the lows.
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