I spent some time on the Commodities Countdown webinar discussing the second half of the year. Currently, there are four growth-related ETF charts that are set up to break out. Should that happen, that would be a significant trend change. One example is the Social ETF (SOCL).
Today it tied the previous high. A breakout on this ETF would be a significant trend change. The SCTR is at 91. The relative strength is at new 2 year highs and the MACD is accelerating. The volume is still low which is a concern.
If you would like more information on some second half ideas, take an hour to view the fast moving Commodities Countdown webinar by clicking on this link. Every now and then it deviates from Commodities. This week was one of those deviation weeks! I also discussed some ways to discover if growth is going to be the new 'go-to' trade. Commodities Countdown Webinar 2016-07-07.
Have a nice weekend. If your swinging through Calgary, join in the fun of the Calgary Stampede! Parade tomorrow and ten days of fun. Yahoo! Worldwide friends welcome!
Greg Schnell, CMT, MFTA.