Mish’s Daily: Year of the Dragon-Will Vietnam ETF Breathe Fire?
Mish’s Daily: Year of the Dragon-Will Vietnam ETF Breathe Fire?
Written by Michele ‘Mish’ Schneider
Along with China and Asian countries celebrating the Lunar New Year, the Vietnam market has been closed since February 8th.
The HOSE (Ho Chi Minh Stock Exchange) opens again this Thursday the 15th.
Since 2024 began, the index VN is up around 6%.
The ETF we trade in the US, VNM, is up about the same amount.
However, the chart of VNM is range bound with a potential huge breakout on the horizon.
Looking at the chart more closely, VNM has cleared the 50-DMA and is in a recovery phase.
The January 6-month calendar range highs sits just above current price at 13.19.
The Leadership indicator shows VNM underperforming the SPY yet playing some catch up.
The Real Motion indicator is sitting right on its 50-DMA, which means momentum is gaining but needs to do more to match the price.
I have been keen on this emerging market since 2023 began.
In that time, VNM traded up to over 15.00 and has since sold off into this area of huge support while trading rangebound. Watch for VNM to clear the calendar range, and more importantly, to close the week out above 13.20.
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Mish in the Media
BNN Bloomberg Valentines Day-What stocks do you love, want to marry, regret not holding 02-12-24
Financial Sense with Jim Pupluva Credit card balances for US consumers are climbing. Is this yet a concern for the market and economic outlook? 02-07-24
CMC Markets Follow up on gold, oil, dollar pairs and S&P 500-short term trading with a bias 02-07-24
BusinessFirstAm Mish talks about Powell and how dispassionate the best traders have to be on the talk about rates 02-06-24
The Money Life with Chuck Jaffee Where Mish sees the markets going in the short and longer term 2024 podcast 02-06-24
Benzinga Morning Pre Market Mish sits with the team to discuss the recent job report and how a healthy economy is not the worst thing. It just means a reset of how investors invest 02-02-24
CNA Asia First Mish’s debut talking the Fed, inflation, big tech earnings and what investors should look out for 01-31-24
Money FM 89.3 Singapore Mish on breakfast bites talking earnings and interest rates-plus her made up ETF 01-31-24
Business First AM Mish talks briefly about oil and how we will know when geopolitics are heating up 01-30-24
Kitco News An Article with Neils Christensen on the direction for gold 01-30-24
Yahoo Finance 33 Charts for 2024 -Article
StockchartsTV How Calendar Ranges can Predict Market Direction-Mish and Geoff cover how this indicator tells you who and what to believe, when to act and what to trade 01-16-24
Coming Up:
February 14 Final Bar with Dave Keller
February 21-23 The Money Show in Las Vegas
February 26 CNA Asia First TV and Radio
February 29 Yahoo Finance
February 29 Your Daily Five Stockcharts
Weekly: Business First AM, CMC Markets
ETF Summary
S&P 500 (SPY) 500 now the pivotal point-490 near-term support
Russell 2000 (IWM) the jan calendar range 201.50 must hold
Dow (DIA) 385 key support
Nasdaq (QQQ) 430 support
Regional banks (KRE) Back to the 45-50 range
Semiconductors (SMH) Support 196
Transportation (IYT 266 support
Biotechnology (IBB) 135 pivotal -like this sector but has more to prove
Retail (XRT) The Jan calendar range high at 73 now cleared, now must hold
20240213
