Weekend June 9, 2018
QQQ began amidst multiple moving averages at the start of 2016. Now it has risen 55 points over its 200 bar weekly MA.
It may be time to rotate out of this sector to one that looks like QQQ in 1/16.
XPH spent the last 18 months in a sideways pattern. But now it has moved above this 2018 down trend. It is about to challenge resistance at 44. PMD at botttom looks encouraging.
Energy Service XES
Yes the energy stocks of XLE helped boost the DJIA over 300 points Wednesday. But the poor state of the XES still bothers me. I see Permian Basin Truck Drivers are making $80-100K per year. When ordinary salaries are double what they should be, this is not the time to invest in energy. Already some trucking companies are considering exiting the Permian Basin, the cost of business is just too high
Berkshire is way above its weekly MAs. And frankly the daily chart is posting lower lows and lower highs. Again this suggests caution for the summer months.
Then again perhaps BRKB moves sideways for some months while the MAs play catch up.