Might Greece (GREK) be Waking Up? | Mish’s Market Minute

Final week, Mish launched her yearly outlook report, with dozens of concepts on traits and trades going into the brand new yr. Greece ETF (GREK) is a type of picks.

Whereas the most important indices had been promoting off Monday, GREK held close to an essential breakout space. Although Mish has referred to as GREK the sleeper commerce of the yr, it may very well be waking up sooner than anticipated. Trying on the above chart of GREK, we are able to see that it has made a detailed over its 50-day shifting common at $27.13 and got here simply shy of clearing its vary excessive at $27.30. Its present vary is from $26.15 to 27.30. If it is capable of clear and maintain over $27.30 on Tuesday, this generally is a new assist stage going ahead. Moreover, a second shut over the 50-DMA would put GREK in a recuperation section exhibiting that purchasing curiosity is rising.

With that mentioned, GREK may additionally get boosted from the most important indices. Although the 4 main indexes gapped decrease Monday, every was capable of rally close to Friday’s closing value. Whereas the indices weak spot does benefit additional warning, we must always now look ahead to the indices to observe by way of with robust upside value motion on Tuesday.

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ETF Abstract

  • S&P 500 (SPY): With Monday’s energy expecting it to clear the 50-DMA at 466.48.
  • Russell 2000 (IWM): Waiting for observe by way of with a detailed over 216 space on Tuesday.
  • Dow (DIA): Watch to carry over the 50-DMA at 358.37.
  • Nasdaq (QQQ): 377.37 to carry.
  • KRE (Regional Banks): 75.76 assist.
  • SMH (Semiconductors): Major assist space 288.14.
  • IYT (Transportation): Sitting on the 50-DMA at 271.90.
  • IBB (Biotechnology): 143.25 to clear.
  • XRT (Retail): Potential double backside sample.

Forrest Crist-Ruiz


Assistant Director of Buying and selling Analysis and Schooling

Mish Schneider

In regards to the creator:
serves as Director of Buying and selling Schooling at MarketGauge.com. For practically 20 years, MarketGauge.com has supplied monetary data and training to 1000’s of people, in addition to to massive monetary establishments and publications resembling Barron’s, Constancy, ILX Methods, Thomson Reuters and Financial institution of America. In 2017, MarketWatch, owned by Dow Jones, named Mish one of many prime 50 monetary individuals to observe on Twitter. In 2018, Mish was the winner of the High Inventory Decide of the yr for RealVision.

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