The grains ETF that I bought 2 weeks ago has proven to be quite weak and has quickly become my biggest loser. The good news is that the ETF did find support along a major gap, which in my years of market observation, happens more often than random chance would suggest.
The chart below is a weekly chart of GRU, an ETF that follows the price of corn, wheat, soybeans and soybean oil:
While the support is holding at the moment, I do not know if it will hold in the future. Despite this uncertainty, my decision is simple: either my stop will get hit or it will not.
Anyway, since the market is still in an uptrend, I will be adding a new long position next week. Here are some stocks that are at new highs:
Next, the stock above is explosively rising on tremendous volume.
The ETF above, ZSL, is an ultra short silver ETF. Notice that the ETF is making new all time lows while the underlying commodity, silver, is not even close to making new all time highs.