There are a lot of newcomers on Slope these days (the vast majority of them lurkers – – that is, folks that don’t participate in the comments section but, as with Playboy, are here just for the articles). I thought I’d mentioned a few features here on Slope that some of you may not be aware existed……
SocialTrade – see that continuously-flowing banner of images at the top of the blog? Those are the latest entries from SocialTrade, which is sort of like a Pinterest product I created for financial information. The best place to start is the Browse Stacks page, but you can access any SocialTrade features from that dropdown menu at the top. There is even an iPhone app that lets you access the many thousands of items people have stacked over the years. Finally, there are some videos I put together that make SocialTrade easy to grasp.
Look, we are all wrong sometimes. That is because the markets are this way one day, that way the next and then something else the day after that. That is why we need bigger picture plans.
I for instance, have been guarded on the gold sector and technically at least, still need to see some upside parameters taken out. But today’s market information brings a potential fundamental underpinning as the stock market flirts with some important parameters of its own.
My long-held goal of vaulting back up to the VIX trendline is slowly materializing. I’m baffled that the market is so strong with this going on, but it is what it is.
Having said that, I can’t help but express disappointment that, yet again, a sell-off was quickly squelched. It would be nice if it actually stuck one of these days.
If there’s one thing that has really stood out over the last few months it has been the SPX tape’s tendency to just stop doing anything interesting for several days at a time. SPX has tested the daily middle band as resistance every day for a coma-inducing eight days, but I was saying in my premarket video to Daily Video Service subscribers at theartofchart.net an hour before the open that there was good reason to think that we would see breaks down on equity indices today, and we may well be seeing the start of that now. You can see that premarket video here. SPX daily chart:
Back on February 10th, I wrote Green with NVidia, which, contrary to every analyst on the planet, said to short it. It turns out that wasn’t close to the top – it WAS the top – for all human history. So thank yew, thank yew very much. In the two months since, it has fallen about 20%, but I think an even bigger top is close to being complete. All this nonsense about a maker of gaming graphics cards becoming a giant in the world of AI………whatEVER.
Happy Tuesday, everyone, and greetings from Northstar, where we own a place for some occasional relaxation. The other members of Team Knight are sleeping right now, as they should be, and your intrepid blogger is in the dark family room, looking out upon the snow-covered pines and light grey fog of a Sierra morning.
It’s a good morning so far, with yesterday’s Slope Plus idea bearing fruit already, and my shorts in general behaving themselves properly (e.g. moving lower, and nothing getting stopped out). My fixation these days, as you’ve guessed, is the Japanese Yen, but I’m just as interested in what crude oil is doing, since it is at a Holy-Lord-this-is-key critical juncture.
I’m going to make a little breakfast and come back to my tiny trader’s workstation (just 2 laptops instead of my normal 7 screens) in a bit.