Our list of ETFs currently looks like this:

DBA, MOO, FXE, INP, RTH, XHB, USO are not on our good list.

Then there are some ETFs in apparent uptrends with more or less favorable patterns like XLF.  These are:

IWM, IAI, XLF

As present market conditions are highly unstable we would be careful of buying anything.  These issues we might buy (or add on to) if they made new highs.  Otherwise we would wait.

The two top issues EEB and FXI flashed buy signals for us Friday.  The stops are obvious in these — given present conditions about 3% under the nearest low.

GLD and SLV we are long.    We also have a modest hedge on with QID and DXD, putting us somewhat short.  The follow through of the sell signal that made us hedge doesn’t look favorable, but we will give it a little time to see if the market breaks here.  Of course we are still long all those lottery tickets and PGM and F and rare minerals (a 59% profit in one of them).  We always inform our readers when we sell or buy.  In case our buy or sell moves the market.  (Small joke.)  Actually the market is going to go where Goldman wants it to go and evidently they haven’t made up their mind.

Currently the punditry is baying about how September is always a bad month.  Ignore them.  When the charts break we’ll know it’s a bad month.  We are clearly in an area of uncertainty, and in these areas false and misleading signals propagate.