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Brazil Stretches Lower

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Earlier today, I doubled my short position on Brazil fund EWZ (by way of long puts) since XLE has been such a train wreck (Thank YOUTNRevolution). My timing was good, because shortly thereafter, for reasons I neither know nor care about, it broke intraday support.

What I’ve always liked about EWZ is that – – hang on to your hats – – it actually has the ability to go DOWN. I know this word may be strange and foreign to some of you, but yes, down. D-O-W-N. Which in a fraudulent joke of a “market” like this, is an exceptional achivement.

The steady flow of lower lows and lower highs is just what I want to see, and the very definition of a downtrend. The next goal is to break that lower horizontal. May God smile upon Brazil. In a bearish way.

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