Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Today stunk for me. This chart of the IWM captures the pain nicely:
(As an aside, I’m actually not in any ETFs at all, but I thought the above chart showed the persistence of Tuesday’s lift-off; it’s like the small caps “knew” of Janet’s dovishness before she said a single word).
Today is Slope of Hope‘s 11th birthday. Before I say any more, I’d like you to listen to this Patton Oswalt routine, which is a favorite of mine:
So my attitude about Slope’s latest anniversary is captured nicely by Patton. One year ago today, I made a very big deal about Slope’s first decade. This year – meh – not so much, particularly on a dreadful day for the bears like today.
I’m grateful you are here, to be sure, I’m certainly going to keep on keeping on, but we’ll have to wait until March 29 2018 (if I make it that long) to make a big stink about it again. In any case, thanks for being a Sloper. I truly, deeply appreciate your presence all these years.
My apologies for the late post today. I’m a bit sleep deprived and today feels like I am wading through treacle getting anything done. I’ll be getting an early night tonight.
So where is the topping process now? Well the 50 hour MA on SPX held as resistance yesterday, but is being tested again today on the very doveish Yellen speech. If there is a sustained break above then I’ll be looking for a retest of the current rally high at 2056.60. On another fail at the 50 hour MA I’d be looking at a possible test of the possible H&S neckline in the 2005 area. SPX 60min chart:
Are you enjoying Yellen Day as much as I am? If so, then you are enjoying it zero. Do the math. It checks out.
Setting that aside, I wanted to mention that there’s an interesting gap-fill going on with the miners ETF symbol GDX. The price level represented by the red line is 20.35: