Today the markets are seeing some ugly declines and there seems to be no bottom in sight. Everyone is looking at Ebola as the culprit that is spooking the markets. While this might be true, I am looking at Energy Select Sector SPDR (ETF) (NYSEARCA:XLE) as the reason this market has seen this dramatic fall recently. I wrote an article a couple months ago as see
here, discussing how the Energy Select Sector SPDR (ETF) (NYSEARCA:XLE) had diverged from the overall market and was talking to us. While this market might have some more downside to it, I am looking at the weekly chart of Energy Select Sector SPDR (ETF) (NYSEARCA:XLE) and we are into a very good support area here around $77.25. In my opinion this is the chart that will dictate the market direction and not Ebola.
If you are looking for market guidance and direction, make sure it comes from
the Elite Round Table.Our
FREE market emails contain information that can actually make you money for both short term trading and long term investing.
Parm Mann
Elite Round TableFollow me on twitter:
@ParmMannTrader
