One look at post-helicopter prices in the BRIC ETF and it would be understandable to call it a breakout.
Things are strange in the world of QE but let's assume for a moment that classical charting still works. What's the problem?
Well, for starters, the 200-day average is still above and falling. That's officially a bear trend, friend.
Next, the trendline from the highs of last year is still above that. Was summertime action a base or a pause from boredom waiting for the next shoe (see yesterday's blog post on that). Looks like the latter and that suggests upside is limited. Emerging markets and BRICs are not leading and that is probably not a good thing for the global markets.
To quote Jon Stewart yet again, "Oh billions of dollars, is there nothing you can't do?"
Well, at least until the sugar rush wears off.