‘Ute See That?
Why it’s the Utilities breaking out of a Symmetrical Triangle that was noted in NFTRH 295, although I had no idea it would break out so soon. The Utes seem to think interest rates are going to drop, although the bouncing banks seem to think they will rise. Screwy market, eh?
If the Utilities are right, then there is another index that looks interesting as well. Here’s the weekly chart of the Homies in a Cup & Handle, having broken the Handle.
You know, if inflation expectations start to creep up here, the Fed keeps its obsession with ZIRP, the ECB and others keep rolling over trying to paper something over that we can only guess about, things could really get out of control in a wide variety of assets the world over.
Watch silver to see if it makes a jail break. We have been doing that for months in NFTRH. Watch the weekly and think about the CCI index a few months ago.