Wednesday, November 29, 2017
Bitcoin hits new records, heads for $10,000 as bubble fears growBitcoin soared to fresh records Tuesday, putting it on course for $10,000, but the virtual currency's stratospheric rise has fuelled fears of a bubble after a 10-fold increase this year. The cryptocurrency, launched in 2009 as a bit of encrypted software written by someone using the Japanese-sounding name Satoshi Nakamoto, has had a roller-coaster ride that has taken it from just a few US cents to its current sky-high valuation.
Putin's Daughter Is Connected To Wilbur RossPresident Donald Trump's Commerce Secretary Wilbur Ross is doing business with Russian President Vladimir Putin's son-in-law, a bombshell new report revealed Tuesday. A large leak of financial documents called the Paradise Papers revealed several weeks ago that Russian billionaire Kirill Shamanov, the son of a close friend of Putin, does business with Ross — but until Tuesday, the exact connection between Shamanov and Putin was unclear.
Clean Energy Is Lowering Electric Bills In North CarolinaNorth Carolina’s in the middle of a clean energy boom, but the looming threat of an international trade war may leave the state’s incredible success story a few chapters short. Over the last few months, two floundering solar manufacturers petitioned the U.S International Trade Commission (ITC) to take action against foreign competitors.
Monday, November 27, 2017
The coming green power tideRising use of natural gas brings benefits to consumers, industry and economy Millions of residents in northern Chinese cities will literally breathe easy this winter as the air will likely be a lot cleaner, and smog a lot thinner, given that natural gas will increasingly replace dirtier coal as power plant fuel in the region.
Chinese construction firms keen to explore Middle East marketsDUBAI - Chinese construction companies said on Sunday that demand in the Middle East region remains high despite the geopolitical issues. The remarks were made during the largest construction and building maintenance fair in the Middle East and North Africa, known as "Big 5," which attracted 2,500 firms from 60 countries.
Bitcoin, an 'Uber' currency, not without riskBitcoin, which this week soared to a new record high of more than $8,000, is the monetary equivalent of Uber, since it bypasses central bank regulation and could be attractive for financially fragile countries, economists say.
Saturday, November 25, 2017
Ethiopia Wins 2017 UN Investment AwardThe Ethiopian Investment Commission (EIC) wins the '2017 United Nations Award' for outstanding performance in targeted promotion, facilitation and execution of sustainable investment projects. According to a Press Release EIC sent to The Ethiopian Herald, the award is presented to the world's investment promotion agencies and institutions to recognize their exceptional achievements in promoting and facilitating Foreign Direct Investment (FDI) that...
CRSC's first driverless subway may undergo trial next yearEditor's note: The article is part of a program to visit State-owned enterprises and better understand their study and implementation of the report delivered by Xi Jinping, general secretary of the Central Committee of the Communist Party of China, at the opening of the 19th CPC National Congress.
Friday, November 24, 2017
UK budget hits unlikely to worry Chinese investorsNew residential homes are seen at a housing estate in Aylesbury, Britain, February 7, 2017. [Photo/Agencies] Analysts expect Chinese investors to continue buying into the United Kingdom's property market, despite announcements in Wednesday's Autumn Budget that could cause disincentives.
Finland baker launches bread made almost entirely of cricketsThe food of the future is here: it's baked in Finland, and it contains about 70 crickets. Image credits: Fazer. Bakeries are usually warm, cozy places, filled with pleasant, inviting scents. But if you were to visit one of Fazer's bakeries in Finland, you might come across something else.
China to demand 6,103 new passenger aircraft over 20 years: AVICEngineers test a C919, China's first large passenger plane, in Shanghai. [Photo/Xinhua] BEIJING - China will need 6,103 more passenger aircraft over the next 20 years, according to a forecast released by the Aviation Industry Corporation of China (AVIC) Thursday.
Thursday, November 23, 2017
I was going to write an article on the rather mundane "buy" signals that have gone in for a number of ETFs such as Biotechnology ETF XBI, Emerging Markets EEM, and Europe VGK however on waking up this morning credit issues in China have reared their ugly head again. European markets have not reacted well to the efforts of Chinese authorities to reign in loose cash. I show the charts below because normally they would represent great buying opportunities, but the further we move from a period of significant correction the more likely it becomes, and we are now going on two years.
Wednesday, November 22, 2017
Alibaba takes $2.9 billion stake in food retailerAlibaba said on Monday it would take a major stake in one of China's top food sellers for $2.9 billion as the e-commerce giant expands further into the retail world. China's largest e-commerce platform has invested heavily in recent years to connect its online and offline portfolio of businesses, taking stakes in several Chinese grocers, shopping malls and department stores.
Chipmaker Marvell to buy rival Cavium for $6 billionMarvell Technology Group said Monday that it would acquire Cavium for $6 billion in a deal that will bring together two rivals in the market for high-end chips used in data centers, wireless communications and self-driving cars.
Whether You Love Or Hate Natural Gas, Stopping Methane Emissions Now Is CrucialThe International Energy Agency’s new 2017 World Energy Outlook contains the agency’s strongest language yet about the urgent need to reduce methane emissions from the oil and gas sector, and the huge opportunities that exist to do so.
Jet fuel from sugarcane? It's not a flight of fancyBy Stephen P. Long, Professor of Crop Sciences and Plant Biology, University of Illinois at Urbana-Champaign, Vijay Singh, Professor of Agricultural and Biological Engineering and Director of Integrated Bioprocessing Research Laboratory, University of Illinois at Urbana-Champaign, and Deepak Kumar, Postdoctoral Researcher, University of Illinois at Urbana-Champaign.
Tuesday, November 21, 2017
Guest Post: SPX Hits 2600 As Social Chaos Churns
Written By: Strawberry Blonde (slopeofhope.com)
I last wrote about the SPX:VIX ratio in my post of October 25. I mentioned that if price dropped and held below the 200 level, expect volatility to increase and weakness to set in on the SPX…and, that if it failed to do so, we could see the SPX reach 2600 before such a scenario may ensue.
Since that date, we’ve seen the SPX stabilize somewhat, bounce around above 2560, and, finally, reach 2600 today (Tuesday), as shown on the Daily chart below.
After a brief dip below 200, a new “BUY” signal is about to form on the SPX:VIX ratio, as shown on the Daily ratio chart below.
However, it will be important for price on this ratio to reach and hold above the 280 major resistance level, and for the SPX to hold above 2600, in support of a convincing argument that favours the sustained entry of the SPX into a new bull-market phase.
This bird’s eye view of the SPX (Monthly chart) shows that it has not faced a major challenge in almost two years.
Price is, however, mashed up against major resistance in the form of a +2 standard deviation of a regression channel. If price does manage to spike through this, the next hurdle is an external Fibonacci retracement level at 2678.
With the VIX down near historical lows (as shown on the Monthly chart below), the current battle unfolding within the Republican party to reform and cut taxes before the end of the year (with zero support from Democrats), and social chaos (sexual assault allegations) exploding across the U.S., we may see volatility increase, correspondingly, in equity markets in the weeks/months ahead…particularly in 2018, with the impending mid-term Congressional elections in November, with possible interest rate hikes by the Fed, and, especially, if tax reform/cuts fail.
Monday, November 20, 2017
UK to have driverless cars by 2021: govtBritish finance minister Philip Hammond is to announce £75 million ($99 million, 84 million euros) funding for Artificial Intelligence and plans to put driverless cars on UK roads by 2021, in his budget speech on Wednesday.
EU cuts funding to Turkey in 2018 budgetAn EU 2018 budget deal was announced Saturday that cuts funds destined to Turkey, citing doubts about Ankara's commitment to democracy and human rights. German Chancellor Angela Merkel had led calls for a cut to the funds, which are linked to Turkey's stalled bid to join the bloc, following mass-scale arrests in the country since the failed July 2016 coup.
Europe turns on Facebook, Google for digital tax revampThey have revolutionised the way we live, but are US tech giants the new robber barons of the 21st century, banking billions in profit while short-changing the public by paying only a pittance in tax?
China ready to develop logistics network with Panama: Premier LiChina, as the world's major cargo trade country, is ready to develop a logistics network cooperation with Panama based on its regional advantages, Premier Li Keqiang said on Friday. Li made the remarks when meeting with Panama's President Juan Carlos Varela in Beijing.
Trump Inflated His Company's Revenue, Reports SuggestThe Trump Organization has tumbled 37 spots on the list of the largest privately held companies in New York after federal filings showed the real estate company makes 10 times less than previously reported.
Sunday, November 19, 2017
Trump: I should have left UCLA players in jailDonald Trump on Sunday said he was sorry for helping secure the release of three college basketball players caught shoplifting in China, after one of their fathers downplayed the president's role. The UCLA trio of LiAngelo Ball, Cody Riley and Jalen Hill were briefly detained for stealing from a Louis Vuitton store in the city of Hangzhou earlier this month in what became a minor diplomatic incident.
Friday, November 17, 2017
Commodities Ready To Strengthen?
By: Tim Knight at Slopeofhope.com
By: Tim Knight at Slopeofhope.com
The commodity ETF symbol DBC had been trapped beneath resistance for over two years, but it broke out recently. The weakness we saw in crude oil earlier this week dragged it down some, but it’s push up off support at this point (see arrow). If this level holds (16.05) we could be entering a new upswing in commodities.
As for my own trading day – – MEH – – down half a percent at the moment, but holding tough.
Thursday, November 16, 2017
Eye On IWM Versus SPY: Is The Bull Market Losing Steam
By: MPTrader at SlopeOfHope.com
By: MPTrader at SlopeOfHope.com
On November 6, we noted in our Mid-Day Markets update that a comparison of the SPY and IWM showed a deterioration in the Russell 2000 small-cap ETF relative to the big-cap SPY. We said that as long as IWM was trading below its 20 DMA at 149.11, we would view it as vulnerable to downside continuation off of its Oct 9 all-time high at 150.58.
We were watching and continue to watch this SPY-IWM relationship closely, as, historically, in the later stages of a bull market, a divergence is very likely. In other words, as a bull market loses steam, small companies lose upside momentum relative to the “go to” mega-capitalized companies.
Right now, all eyes are on IWM juxtaposition with its sharply declining 5 DMA, now at 146.41, which has served as a tight-fitting down-sloping resistance line. As long as IWM is trading beneath its 20 DMA, we should consider the dominant near-term downtrend as intact and the dominant near-term influence on price action, which is a negative sign for the SPY and S&P 500 bulls.
China develops a catapult for planesElectromagnetic system to boost carrier fleet's combat capability China has developed its own version of a cutting-edge device previously possessed only by the United States and is poised to use it to boost its aircraft carrier fleet's combat capability.
Firm Makes First Investment in Nigeria's Off-Grid EnergyAll On, an independent impact investing company, has made its first set of transactions aimed at facilitating increased access to affordable, reliable and sustainable energy sources for low income households, SME's, and communities.
Wednesday, November 15, 2017
Nobody is going to bail out VenezuelaBy Henkel Garcia U, Finance Instructor, Professional Studies Extension Programme, Andres Bello Catholic University (UCAB). Venezuela, the South American country convulsed by economic and humanitarian catastrophe, has defaulted on some of its debt after missing an interest payment due in October.
Asia stocks down as plunging oil prices hammer energy firmsAsian energy firms extended a global sell-off Wednesday, dragging regional equity markets, as oil prices continued to tumble on the back of warnings of slowing demand and rising stockpiles. Both main contracts were down more than one percent as investors were spooked after the International Energy Agency (IEA) cut its forecast for crude consumption, saying recovering prices and a mild early winter were weighing on purchases.
Fully electric cargo ship launched in GuangzhouTwo technicians pass by the world's first 2,000-metric-ton all-electric cargo ship during its debut in Guangzhou, capital city of Guangdong province. The ship can run 80 kilometers after being fully charged.
Expert: Nation is on track for carbon targetA wind farm at Rudong in Jiangsu province. [Photo by Xu Congjun / for China Daily] China is on track to uphold commitments under the Paris climate accord, but some developed countries need to show their sincerity to push the ongoing dialogue forward, according to China's top climate envoy.
Tuesday, November 14, 2017
Oil producers to extend cuts to rebalance market: UAEOil producers are expected to unanimously extend a production cut accord later this month but its duration is still under discussion, the UAE energy minister said on Monday. "I think this group of committed and responsible producers came together... and I think they will continue to do what it takes to take us to the next level," United Arab Emirates Energy Minister Suheil al-Mazrouei told the ADIPEC international oil conference in Abu Dhabi.
Chip maker Qualcomm rejects $130 bn Broadcom merger bidSemiconductor giant Qualcomm on Monday said it rejected the $130 billion unsolicited merger bid from fellow chip maker Broadcom which could represent the biggest-ever takeover in the tech sector. Singapore-based Broadcom made the offer last week in what would have consolidated two major players in the booming sector fueled by growth in smartphones and other connected devices.
Monday, November 13, 2017
Maduro says Venezuela will 'never' default on its massive debtVenezuelan President Nicolas Maduro insisted on Sunday that his cash-strapped country would "never" default, as he prepared to meet with creditors in Caracas to discuss rescheduling part of the country's massive $150 billion debt.
Billionaires Beg Republicans Not To Cut Their TaxesRich people to Congress: Raise our taxes, don't cut them. The GOP plan to reduce income taxes on the super rich “further exacerbates inequality” at a time when the gap between rich and poor is historically wide, says a group of 400 left-leaning CEOs, doctors, lawyers, and business owners, which is calling on the Republican Party to drop the proposal.
Europe will get 10,000 EV charging points and an 'electric highway' to connect Italy to Norway by 2020International energy company E.ON and Denmark based e-mobility service provider CLEVER have released more details on their plan to rollout charging stations across Europe. These include an ‘electric highway' equipped with ultra-fast charging stations that would connect 7 European countries, from Italy to Norway.
Friday, November 10, 2017
China Energy, world's largest power company, to invest $83 billion in West Virginia shale gasChina Energy, the world's leading power company, announced Thursday it plans to spend more than $83 billion on shale gas and chemical projects in West Virginia, a deal that represents a massive foreign investment in American energy.
Nigeria Signs Pact With Russia On Nuclear EnergyRussia and Nigeria have signed agreements on construction and operation of a nuclear power plant and a research centre housing a multi-purpose nuclear research reactor in Nigeria. The parties also signed a roadmap for cooperation in the field of peaceful usage of nuclear technologies.
Thursday, November 09, 2017
Venezuela teeters on brink of defaultLongstanding fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the UN Security Council and the EU eyeing an arms embargo.
CBO: Republican Tax Plan Would Add $1.7 Trillion to National DebtAn independent analysis has concluded the U.S. tax overhaul being advanced by Republican leaders in the House of Representatives would add $1.7 trillion to the country's debt during the next decade, about $259 billion more than previously assumed.
Saudi Arabia seeks to reassure investors after royal purgeSaudi Arabia sought to reassure investors on Tuesday that a sweeping anti-corruption purge would not affect businesses, including those with ties to arrested suspects, as authorities appeared to widen the crackdown.
Rich and famous in the Paradise PapersApple, Bono and Queen Elizabeth II are just a few of the big names and companies revealed in the Paradise Papers leak to have shifted money across the globe to cut tax. The spotlight on the tax affairs of the rich and powerful comes after a trove of documents was released by the US-based International Consortium of Investigative Journalists (ICIJ), detailing secretive offshore deals that, while not illegal, are embarrassing for those concerned.
Trump Arrives in China for Thorny Talks on Trade, North KoreaDonald Trump arrived in Beijing Wednesday, his first visit as U.S. President to a nation that has been a focus, often a negative one, in his drive to secure jobs at home. Trade is to top the agenda, but so is North Korea.
Wednesday, November 08, 2017
Commodities in general are looking really good, but while reviewing my charts I noticed that Lithium ETF LIT is looking exceptionally good. The only problem I have with it is that our current moving averages are pretty deviated from the mean. I'd like it if they were a little closer to the MA(144) which then makes this recommendation fraught with risk. Needless to say, the EMA(5) has bullishly moved above EMA(8) and an ascending triangle has formed. We've just had a cycle of downward momentum which hasn't really dented the price of LIT which is also quite bullish. The future of lithium continues to look bright!
Tuesday, November 07, 2017
Nothing Can Bring Down This Bull Market Except....Wave 3
Author: Elliot Wave Trader, SlopeofHope.com
This past week, we experienced yet another horrendous terrorist attack in New York City. And, amazingly, just like what occurred after several other terrorist attacks that have been experienced over the last year, the market rallied right after the attack.
It has almost gotten to the point that people now expect the stock market to rally after a terrorist attack. Have we really become this warped in our thinking? Must we hold fast to ridiculous notions that news is what drives the stock market to the point that we have to resign ourselves to believing that the market will rally “because” of a terrorist attack? Do you not see how ridiculous these perspectives really are?
Yet, if the market dropped after a terrorist attack, there is no question in my mind that every analyst and their mother would be absolutely certain that the market dropped specifically due to the terrorist attack. Every article the next day would have been pointing to the attack being the definitive “cause” of the market drop. And, if I then challenged this false exogenous causation theory, the response I would receive is “don’t you believe your eyes?” Yet, not a single analyst dares to suggest that the markets are rallying because of news of terrorist attacks despite seeing many instances of this occurring over the last two years. Do, they not believe their eyes?
Are you starting to see my point yet? Do you see through the intellectual dishonesty of maintaining these old perspectives of what moves the market?
I cite this study often, but I think the recent rally after the New York attack should drive this point home even further. In August 1998, the Atlanta Journal-Constitution published an article by Tom Walker, who conducted his own study of 42 years’ worth of “surprise” news events and the stock market’s corresponding reactions. His conclusion, which will be surprising to most, was that it was exceptionally difficult to identify a connection between market trading and dramatic surprise news. Based upon Walker’s study and conclusions, even if you had the news beforehand, you would still not be able to determine the direction of the market only based upon such news.
And, this past week’s stock market action further supports Mr. Walker’s conclusion. But, we have to begin to look at markets in a more intellectually honest manner in order to be able to see it. However, I am quite certain that the next time a news event coincides with a market move, all the usual suspects will be out front screaming how the news event was the certain cause of the market movement. And, therein lies the intellectual dishonesty inherent in most financial reporting and analysis today.
Price pattern sentiment indications and upcoming expectations
Before I begin this week’s expectation, I want to make a point about last week’s analysis. I noted that if the 2572SPX level broke early in the week, it opened the door to a drop down to lower support in the 2520-50SPX region. Many seemed to read that as suggesting that a break of 2572SPX would certainly drop us to the lower support region. But, that is not how Elliott Wave analysis works, nor is it how we use it to set up trades. Allow me to explain.
You see, a standard impulsive wave structure targeting the 2611 region directly had that 2572/74SPX region as support which would have taken us directly to the 2611SPX region this past week. However, the break down below 2572 added more complexity to the pattern.
In order for the break down below 2572SPX to point us down to the lower support, we would have had to see a 5-wave impulsive structure break below 2572SPX, which would then suggest we are heading down to our lower support region. However, the drop below 2572SPX only provided us with a 3-wave drop, which is most often viewed as a corrective drop. But, it also meant that we had to prepare for much more volatility and whipsaw because the upside structure then morphed into what we call an ending diagonal. That structure provides for the volatility and whipsaw for which we had to prepare, and which the market provided us for the rest of the week.
So, as I presented in a blog write up a few weeks ago, Elliott Wave analysis is to be used in logical progression, which is why we always provide our analysis within an if/then context. And, while we broke below 2572SPX, and it “opened the door” to drop down to the 2520-50SPX region below, the market never provided the requisite set up pointing down there after we broke 2572SPX, which caused us to continue to look higher within our primary structure.
But, based upon earlier break of 2572SPX, and the further overlapping nature of the market structure, there is much more complexity in this structure, which can provide us with further whipsaw before a top is struck. If the market should break 2570SPX in the coming week, it makes it much more likely that this break will have us target at least the 2555SPX region, with potential to drop as deeply as the 2520SPX region. But, that will still set us up for a rally back up towards the 2600+ region. However, as long as the market maintains over 2570SPX, I still see us heading to the 2600+ region before this wave (3) rally off the February 2016 lows can even be considered completed.
So, I would complete the title of this article by saying that nothing can bring down this market except when we finally complete this structure for wave (3).
The increases in Emerging Markets ETF (EEM) are much smaller but it's moves I've noticed historically are a little more reliable so it seems like this is a fairly secure play. While I was updating my charts I put in a "buy" signal a few days ago but unfortunately have only decided to report it today. The EMA crossovers look very good with one of my momentum signals also crossing over bullishly. Where is this headed? Well the overhead resistance should be the channel resistance line which has been very reliable and pushed back four times already since March. My chart doesn't move so I can't accurately extrapolate it but it looks like its around $47.50.
WTI Crude Aiming For $65.00
Author: Strawberry Blonde, SlopeofHope.com
Further to my prediction at the end of July that WTI Crude Oil may reach $65.00 if it could reach and hold above the 55.00 level, this update will confirm that such a scenario is still a possibility, even though it’s now three months later and we’ve seen a rise in volatility, as price has bounced around in a $10.00 range since then. As I write this post Sunday evening, it’s finally hovering above 55.00.
As can be noted on the Monthly chart below, I’d say that a retest of the bearish (monthly) Moving Average Death Cross around 65.00 is imminent and that momentum currently favours the bulls — particularly in light of the Saudi purge that is underway, as well as recent military activity that’s occurring in that region — and as illustrated by the recent bullish (daily) Moving Average Golden Cross that has formed on the Daily timeframe (see second chart below).
Monday, November 06, 2017
IMF sanctions Venezuela for failing to provide economic dataThe International Monetary Fund sanctioned Venezuela on Friday for failing to provide economic data as required of all members. The sanction came on the same day the embattled government in Caracas announced it was calling a meeting of creditors for November 13 to try to restructure its foreign debt estimated at $150 billion.
Stalked by default fears, Venezuela calls creditor meetingVenezuela on Friday called its foreign creditors to a meeting November 13 in Caracas aiming to restructure its estimated $150 billion debt, as the specter of default moved ever closer. "I say to investors across the whole world and to holders of Venezuelan debt: I call you to come to Caracas on November 13 to start a process to refinance and renegotiate the external debt," President Nicolas Maduro said.
Beyond oil: Saudi Arabia's 2030 economic visionGulf nations need to diversify their economies and move away from oil dependency, says the International Monetary Fund (IMF). This warning comes as Saudi Arabia continues to work out how to sell around five percent of its state-run oil producer, Aramco - a deal that could raise more than $100bn.
London House at the Center of the Manafort IndictmentThe indictment accusing President Donald Trump’s former campaign chairman Paul Manafort and his aide Rick Gates of a decade-long money laundering scheme traces all the way to a seemingly ordinary two-storey building near Hampstead Heath in north London.
Booming US services sector hits new record in OctoberThe vital and booming US services sector saw record growth in October, and the data point to continued strength in the months ahead, according to a monthly survey released Friday. The sector has been growing for 94 consecutive months, and this is the second straight record in the Institute for Supply Management's non-manufacturing index.
Sunday, November 05, 2017
C919 3rd test flight lasts 228 minutesThe C919, China's first home developed large passenger plane, made its third test flight on Friday morning, 36 days after its previous test flight on Sept 28. Taking off at 7:38 am from Shanghai Pudong International Airport, the C919 passenger jet flew to Nantong in Jiangsu province, northwest of Shanghai, then flew back and landed at Pudong airport at 11:26 am.
Trump Urges Saudi Arabia To List Shares of World's Largest Oil Producer on NYSEU.S. President Donald Trump urged Saudi Arabia Saturday to list its state-owned oil company on the New York Stock Exchange when the company goes public in what is expected to be the largest-ever initial public offering in which shares of a company are sold to investors.
Saturday, November 04, 2017
These Mongolian miners are making gold greener. Now they want their government to help.The narrow, black tunnel at the bottom of a 70-foot dirt shaft about two hours north of Mongolia’s capital, Ulaanbaatar, is so small that you can’t stand up. But there are three men down here using headlamps to illuminate a section of rock where they’ve been digging for gold.
China unveils massive island-building vesselChina has unveiled a massive ship described as a "magic island maker" that is Asia's largest dredging vessel, state media reported Saturday. The ship, capable of building artificial islands of the sort the country has constructed in the contested South China Sea, was launched Friday at a port in eastern Jiangsu province, according to the state-owned China Daily.
Friday, November 03, 2017
Anything having to do with fossil fuels and energy lately has been relegated to the garbage bin of market speculation. There's good reason for this. The darling of our economy was a pawn in the geopolitical sabre rattling between Saudi Arabia, Russia and the U.S. I don't feel any major comeback is afoot, but then again I like the way these curves are lining up for Energy ETF XLE and Oil Services ETF OIH. OIH is below the MA(144) which for me generally means I leave it off my day-trading list, but if you look at the EMA's and their relation to the MA(144) I think you'll agree things are starting to look nice.
Thursday, November 02, 2017
Caught in a bit of a horizontal pattern, China ETF FXI is looking good and putting in a buy signal. This signal will be confirmed once it moves above $46.50 but the EMA's generally don't lie. I was a little concerned about FXI's break out of the channel pattern established back god-knows-when, but this new upward channel has been identified and hopefully sticks.