Monday, June 18, 2018
The charts say nothing
Haven't posted charts in a while.
The charts are actually confusing as hell right now:
Emerging markets are tanking.
Gold is tanking.
But gold ex-USD is still doing fine, with no violation of the SMA-50 support. Silver is still rangebound, though the big puke downward last week looks like a warning of a future drop.
And yet, tech stocks are doing fantastic. This is a breakout to a new alltime high.
I guess you could interpret this as a play on American hegemony: the USA rules tech completely, and tech is a field with extreme market power, so any move by the US to impose an oppressive new world order is going to be reflected in a big pop in QQQ and a big drop in, say, EMs.