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The Market Ear still sees fuel to go higher.
King SMH
SMH continues the squeeze higher, approaching year highs quickly. The bounce on the 21 day and the lower part of the perfect channel was a schoolbook example. Make sure to roll the call spreads into higher strikes for max optionality.
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Source: LSEG Workspace
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.