After today's market action, FXI hit our target price of $30 on the trade. As shown in the chart below, FXI has now broken solidly above its 50-day moving average and looks great from a technical perspective.
But we thought we would also point out the action in FXP, which is the 2x inverse ETF of the same index that FXI tracks. As shown in the second chart below, FXP has taken investors on a wild ride in recent weeks. After peaking at just above $183 on an intraday basis in late October, FXP closed today at $36.23 -- down 80% from its high! It hasn't been hard to be right from the bearish side in this market, but those who bought FXP over the last month and a half have not made out very well.
The quality and clarity of Bespoke's work speaks for itself.
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