Monday, September 05, 2016

Telecommunications (IYZ): Give Me Something....Anything....Please I'm Dying Here

I often find myself day-dreaming about what I'm doing with my life and how nothing much seems to be going anywhere in this market. I was supposed to be more successful by now, this year was going to be different. I was supposed to be more secure in the knowledge of what I was doing and things were going great until about March and now I've reconciled myself to the fact that this will be a "down" year for me. Then I remember I'm also a Doctor and everything in Medicine is going great, except I suppose the balance in my life seems to be that while Medicine is great I guess the Stock Market isn't and it's here that I am suffering.

Emotions aside, and I do have many of them regardless of what patrician Anglo-Saxon facade outwardly shows, Telecommunications ETF (IYZ) made a major move today. I made a sell/short signal a few weeks back when the EMA's crossed downwards and drew in a declining channel but made a cautious buy signal about a week and half ago. Today a much stronger signal appeared with many of my momentum signal lines being broken upwards. Today we came up to the resistance line for this channel with our EMA(5) crossing over the EMA(9) and not trailing to far behind the EMA(13).
I don't think much is going to happen in the market this month as we have be warned about a possible rate hike which may come as soon as September 20th when the Fed meets again. Personally, I think there's a lot of political pressure to keep rate hikes off until after the election, but then again we have been surprised before.