Bulls had a good day yesterday and delivered a conviction break back over the 5dma. As the decline was more than 2%, that puts SPX back on the 5dma Three Day Rule. The 5dma is currently in the 5350 area and on a daily close back below today or tomorrow, requiring a clear break of more than 2.00 handles below the 5dma at the close, then historically the odds are very high that the low 2322.25 at will be fully retested before a retest of the last significant high, which here is the ATH at 2400.98. This is a very impressive performer as a statistic, of about 60 examples since the start of 2007 there were only two that failed to make a lower low, and those were both very near misses while triangles were forming.
A carton of eggs. The product of the first three factorials. Units of time. The number of months in a year. The largest number with a single-syllable name in English. Twelve is a many-wondered thing.
It also happens to be, as of today, the number of years Slope of Hope has existed. As I’ve explained before by way of Patton Oswalt’s brilliant routine, not every birthday should be celebrated. Twelve doesn’t make the cut. Thirteen will.
I will, however, as an homage to what we’ve all built here over the past dozen years, offer up a few relatively obscure links you might not have known about:
- The Culture of Slope – a collection of amusing videos custom-made for Slope
- Slocabulary – a mildly-outdated but still mildly-amusing guide to lingo here
- Hall of Fame – the most active, generous Slopers
- Tenth Birthday – a lengthy post thanking those most important to the blog
- Slope’s Very First Post – a bearish tone right from the start
I recently received an email from a reader who has been on Slope for nearly a decade and very politely asked me to lighten up on Trump. His letter was well-crafted, well-reasoned, and courteous. I wrote him back, and after doing so, I thought I’d share my thoughts with you, since it doesn’t cross any privacy lines. I wouldn’t want to waste all that typing without making a post out of it. So here goes:
It’s good to hear from you, and I appreciate your readership all these years.
Slope isn’t a political blog, but there is some political talk from time to time, and I certainly use it to express my own point of view.
Long Amkor Technology (AMKR)
The market gives me my content, so the first thing I do when I wake up is see what’s happening in the markets and remark about it. With the /ES and /TF about just about 0.00% change now, there’s not exactly a lot to work with. This is kind of a special day, however, and I’ve got a post regarding that for after the close.
In the meantime, I’ll say that the NASDAQ is still range-bound, having roared from the lowest part of its range only two days ago until nearly the top right now. I won’t even bother which direction I’d like it to break, although my portfolio has been NASDAQ-light for years.