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.

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