As we emerge from our bunker after a few weeks of reviewing, reading and puzzling, (and cable news avoidance, yes?) the recent whiplash in shipping stocks is still playing out.
(Shipping stocks were even discussed – nay – yelled about on CNBC; a sure sign of trouble…..*hits mute button*)
Rather than work through all the angles, we looked to the staid and sturdy SEA, the Guggenheim Shipping ETF.
Why not? In a period where several stocks flew so far into RSI overbought territory that they were almost off the map,
SEA’s volume registered a bump, and its MACD indicator has only just turned bullish. Scattering our pixie dust liberally, there could be resistance to increasing price at the 10.75 – 11.00 mark. Today’s optimistic move would need some sustaining to maintain positive momentum over the 11.00 level.