Global ETF Charts We Are Watching
November 16, 2009 11:15 am
Many of the ETFs that represent world exchanges broke out last week. This is also true of many of the commodity related shares and especially the precious metals group.
Much of the movement can be directly related to the diving U.S. dollar as the impact across commodities is well related. If we do see a melt-up of the dollar, there will certainly be a significant sell off for the groups most correlated.
U.S. utilities have been weak as has been the case of financials. Japan is looking like it is falling toward support and will have to show some strength here or risk moving much lower.
(Click on each chart to enlarge)
Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.