Dear Slope readers: The below is more of a blurb that assumes you’re in tune with my ongoing themes, so please excuse the vagueness and take this as a short ‘perspective’ post. I am going to try to fill in more detail before week’s end.
If yesterday’s break above resistance is real you’ll need to have your thinking caps on in the coming weeks. It’s about to get really noisy out there. If the move is real, perceptions are going to firm and the 10yr and 30yr yields are going to go for their big picture limiters.
10yr daily… pattern target 2.8%.
I’m very pleased to announce some more improvements to SlopeCharts.
First, you’ll notice some new items in Drawn Objects. Well, they’re not new per se, but we’ve made the functions more granular. I’ve highlighted the icons below – – from left to right, there is rectangle, oval, rectangle-with-text, and oval-with-text. You can probably figure out what they do, but the point is that if you just want to draw a shape and definitely aren’t bothering adding text, you can save an extra step by just using the “pure” shape tools. (Please remember to press Ctrl-F5 to force a reload of the page so you’re sure you’ve got the latest version).
The much bigger news is automated trendlines, however:
Back on October 13th, I suggested Alaska Airlines as a short; that’s worked out nicely. I have covered and taken profits.
The SPDR S&P Metals and Mining ETF (XME) could be on the verge of a surprising, very powerful upside breakout after completing a 6-month corrective accumulation period.
After Trump was elected last November, the XME climbed from just under 25 to a February 2017 high at 35.21, or a whopping 41%, in anticipation of the enactment of the Trump agenda, concurrent with lower taxes, stronger economic growth, and upward pressure on inflation.
Thereafter, however, in reaction to the Administration’s failure to pass health care legislation, coupled with a myriad of disappointments and political fumbles, prospects for “The Trump Trade” faded miserably.