It’s Thanksgiving. The official Christmas shopping season kicks off on Black Friday after a day of family, food, and football. Virtual cash registers will continue to ring throughout the weekend and be put to the test on Cyber Monday.
Amplify Online Retail ETF (IBUY) could be a way for investors to cash in on the holiday rush. IBUY seeks to provide investment results that, before fees and expenses, correspond generally to the price performance of the EQM Online Retail Index. The Index is a globally-diverse basket of publicly-traded companies that obtain 70% or more of revenue from online or virtual sales.
The ETF’s chart is about as straight forward as they get. Its price recently rallied aggressively after making a double bottom near its 52-week low of $37.91. The ETF gapped higher from November 9th’s $37.61 close to opening on the 10th at $40.30 and closing at $42.21. IBUY continued higher, ultimately topping out at $46.06 on November 15th. On Thanksgiving eve, it closed higher after bouncing off of the 50-day moving average of $40.93.
Recent activity sets up a short-term trading range. On the downside, if IBUY closes below $40, it’s likely to flirt with its lows once again, possibly creating a triple bottom. If the ETF can break through $46, then there isn’t much technical debris to the 200-day mark of $50.41.
Of course, swing trading is only for the most aggressive investors who can afford losing money in short timeframes.