I just posted a new podcast I did with Dave Skarica. In it we gave a technical analysis update on the markets and what to expect for the rest of the year. Dave also talked about one sector he just bought calls in and another one that he is doing a new pre-IPO deal which is even hotter – and that’s the dope sector. To listen to this interview go here:
Now everyone is focused right now on the S&P 500 and Nasdaq, both of which have gone up again this week.
I just want to point out to you that global markets are still continuing to act much weaker than the US markets are and I expect this is going to continue.
A few weeks ago headlines were made when Turkey blew up, but global markets have bounced in the past few weeks as you can see from the emerging markets ETF EEM.
As you can see the EEM ETF has been trending down all year, but it has recently bounced and it’s daily stochastics are now above 80 and overbought.
I expect we’re going to see this current rally run out of steam soon and for EEM to roll over again and head lower in September.
I’m not short at the moment, but I am considering taking a bet against EEM sometime soon.
Commodities have also bounced up at the same time EEM has and I wouldn’t be shocked if most of them aren’t heading lower again by the end of September too.
This is a market in which there are lots of opportunities for pair trading in both long and short positions and that is something I plan on focusing more on next month after Labor Day.
And yes right now there is nothing more hot than dope stocks. Take a look at this chart of dope stock leader Canopy Growth.
That is one among several topics I talked with David Skarica about in our podcast. To listen go here: