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June 11, 2017

Weekly Commentary Jun 11, 2017

QQQ Chart
Leading NASDAQ 100 is Showing Signs of Correcting!

 

06/11/2017:  Markets were mostly up again for the week, but the TECH Stocks finally had some profit-taking. The NASDAQ 100 had been having a Buying Stampede, with the Mutual Funds piling into the Fab Five FAANG stocks. These 5 stocks have accounted for 37% of the S&P 500 Gains this year (according to Barrons).

The Techs should have nice bounces when their Money Waves return to the Green Zones (see Chart above).

Next week the FED should RAISE short term Interest Rates another 1/4 point, and the Financials & US Dollar have been rallying in anticipation. 

Coal, Copper & Steel Funds are bouncing up off their Green Lines, but their Relative Strengths are all Below 90.

 

MONEY WAVE BUYS SOON:    We stopped out of 4 Positions on Friday, and are currently in 3 non-logged Open Positions,  There are 4 Investments are on the Short Term Watch List  and should be more soon.  

LONG TERM TRADES – The Funds below are currently out of favor, but historically could possibly Double or more from these lower levels. We are looking for a good Entry Point for these, but need the entire Economy to pick up:

DBC   COMMODITY FUND   Waiting for Break Out Above $16.08.
DDD   3D SYSTEMS CORP.   Waiting on a Pull-back.
IPI    INTREPID POTASH    Waiting for Break Out Above $3.04.
JJC     COPPER FUND            Waiting on a Green Zone Pull-back.
KOL    COAL FUND         Waiting for a Bounce off the Green Line.
LL   LUMBER LIQUIDATORS    Waiting on a Green Zone Pull-back.
MDR    MCDERMOTT INT’L.  Waiting for Bounce Up & Above 90 Relative Strength.
UGA   US GASOLINE FUND   Waiting on Break Out Above $32.03.
VALE   VALE DE RIO   Waiting for Bounce off the Green Line.
WFM   WHOLE FOODS MARKET   Waiting on a Pull-back.

 

Click for  Portfolio (Open Positions)  
Click for  Watch List
Click for  Closed Positions

 

Alert! Market Risk is High (Red Zone). The probability of successful Short Term Trades is lower, when the S&P 500 is Way Above the Green Line. Even the Strongest Funds can get chopped up. Either take quick gains from Money Wave Pops, or STAY IN CASH & WAIT for a larger correction.

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Posted By AbovetheGreenLine at 12:34 pm Leave a Comment

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