1/15 - SLX 49.07
1/15 - KOL 25.40
I first noticed Steel and Coal in summer 2012, when they started to surprisingly outperform. The idea was that presidential candidate was a friend of coal industry and there will be a favorable regulations.
Whatever it was, the guy lost, but SLX and KOL outperformed since November 2012 bottom.
It is even more important, because of steep downtrend in both since 2011 top. Prices had been consolidating for 8-9 months. Steel already broke out and I expect continuation.
SLX PF target 63; 72, but first its got to hold 47.5
KOL PF target 30; 33.50; 35. Bunch of supports, 24.50 is important.
Having said that, my stops are very close. These etf's are not in confirmed uptrend and can correct 10% easily, while still looking crazy bullish. In case I stop out I can try SLX again at 45-46ish.
Why not try to put together an industrial list?:
http://stockcharts.com/freecharts/candleglance.html?spx,xli,ige,slx,kol|B|P5,3,3
No comments:
Post a Comment