Fidelity MSCI Consumer Discretionary Index ETFArca
Description
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I like to look for similarity in patterns, FDIS indicates we're in for another slow melt up like last summer at least until the next Fed hike.
If you look at the chart, there are 2 big bounces between the top and bottom each time, and we're slightly above where we were at in May. Makes sense, because I keep mentioning the similarity between current chart and last April/May.
I already see bubbles forming again.
Remember, the only thing that matters is money flow which is impacted by interest rates. Valuation means nothing anymore (see NFLX, lol).
Comment
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FDIS has 25% AMZN weighting so expect this to gap down over $1 tomorrow morning.
It was getting ahead of itself in the melt up anyways.