AMEX:KSA   iShares Trust iShares MSCI Saudi Arabia ETF
KSA (Saudi Arabia) has broken beneath the channel from the 2020 low. The underside of the channel has acted as resistance the last few days. If you're unaware, the Saudis are the financial backing for the new LIV golf tour. Exorbitant amounts of money are being offered in order to attract players to the new tour. It stands to reason that the Saudis wouldn't be doing this unless they were flush with cash...which is a result of high asset values ( oil in this case). They also wouldn't be doing this unless they were extremely optimistic and market tops are marked by extreme optimism. This is just a thought but the chart is interesting regardless.

-Jamie Saettele

Scandinavian Market's Chief Technical Strategist, SB Trade Desk co-founder, author Sentiment in the Forex Market

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