In my post from January 10, I had speculated that the S&P had a measured move target of 1424. I'm afraid this prediction turned out quite nicely. We are just about there.
Looking across a broad array of indexes, we seem to be in "almost there" mode just about everwhere. Some indexes have a little more room to run; others are virtually out of room. The NASDAQ Composite has – – maybe — a bit of remaining bull run toward that tinted target above.
It was a rather sedate start of the “Blow-Off Top” rally. In the morning, before open /ES gave back all the overnight gain and was in negative. SPX even started in negative territory. But the cycles have bottomed last week and whatever be the news, the market zoomed up. I do really wonder, is it really the news which moves the market? Because we did call for the start of the rally from Monday, i.e today and the plan of action was laid out in the weekend report.
If we take an average target of 1455 and I will come back to that figure in a while, we are now only 35 points away and we have 3 days to reach there. I think it is immensely doable. And why 1455 you may ask. Because everyone is still shorting it as we go up and a big short is set at 1440 and then 1450. The market will take out all these shorts.
I owe you good people some market observations this afternoon, but I've got an important meeting to attend, so I wanted to share with you something quick in the meantime.
I was recently approached to put up a post on a paid basis. In other words, I was going to be paid to post an article written by an outside firm, which I've never accepted in the seven years this blog has been around.
Although I was a little uncomfortable with the idea, I said I'd be at least willing to look at the article. I did so, and although it was pretty good, it came off by and large as an advertisement, so I decided against it.
I obviously am happy to sell advertising space (which it wouldn't kill you guys to click once in a while), but I've decided that editorial content simply isn't for sale. There are many different views presented here, but although you may agree or disagree with a given post, you should at least be entitled to know that the person who wrote it is doing so to express their opinion as opposed to selling you something.
Next month, you're going to see some pretty drastic improvements to what is offered here. I'm excited about the changes coming to Slope. But one "change" you won't see is paid-for posts. I'm simply going to have to continue to rely on my live "Tim: After Hours" naughtycam for income, in spite of the lackluster results to date.
Hey look, what better place and time to be posting gold-bullish articles? 😉
So there was a panicky spike in gold last summer as the herd sought refuge from the euro, which was falling apart as some of its components had a really hard time peddling their legacy of debt.
This was going to be the big one as gold was finally going to blast off, better get aboard! You are a gold bug now and you are safe! No, unfortunately the new players were just being introduced to the overdone euphoria of the upside thrills, only to later be introduced to the bile of the inevitable downward reactions.
From last Wednesday:
……and based on news two days later…….