Daily Archives: June 2, 2017

Ethereum and Litecoin

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Since Slope Of Hope has been around longer than just about any financial blog in existence, there’s a deeply-rooted culture here. There are a lot of inside jokes and running gags, and for the longest time, I assumed the mention of “Ethereum” was one of them. Just goes to show how out of it I am, because Ethereum is, in fact, one of the hot virtual currencies out there, and I took it upon myself to add it to SlopeCharts, which is getting better by the day.

You can now punch in $ETH for Ethereum……..

0602-eth

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This is Going to Sting

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Well, some mixed emotions this morning. A lousy jobs report has gold soaring, the dollar crumbling, and the rally in equities zeroed out (for now). As I am typing the ES remains green, just barely, but there’s a lot of action elsewhere. I’ve got 48 short positions and am about 180% margined, so it could be a good day for the bears.

Crude oil in particular — almost always our friend – – has resumed its hard slide, and on an intraday basis, you can see that it’s not exactly looking great for our OPEC buddies:

0602-crude

The “sting” part is that I got stopped out of QID, DRIP, and FAZ yesterday. The QID isn’t a big deal, since it looks like NASDAQ is remaining strong. FAZ is also kind of a “meh”. But DRIP is one I suspect is going to recover mightily today. I scored a 20% profit on it, even having been stopped out, but I think my bearishness on energy is going to play out longer-term.