One of the most ironic posts on Slope must be the one I did just back in January called Bitcoin’s Massive Bullish Base, which featured this chart:
The entirety of the post’s text was as follows: “I’m not even going to try to understand the logic, but well-encrypted 1s and 0s of imaginary currency have formed an astonishingly-clean basing pattern, suggesting much higher prices ahead.”
One of my oft-mentioned retail shorts is getting zapped this morning, with Chico’s – – purveyor of fashion to women of a certain age – – off about nine percent. I think it’s got LOTS more to go.
Back on September 15th, I offered up a “dead cat bounce” long idea in the form of battered company Equifax. I wrote, “My opinion is that the company has really screwed the pooch on this one, but maybe, just maybe, it’ll find some temporary support around $90 or so, as I’ve drawn here:” So far, that seems to be the case, up about 20% in just a few weeks:
As we noted in our article last week, we have had strong reasons technically as well as from a macro perspective to be bullish on the ProShares UltraShort 20+ Year Treasury (TBT) since its low just under 33 on September 7.
And the TBT has continued to rise since then. It gapped up Wednesday to $35.50 from Tuesday evening’s close at $34.46.
The upward thrust occurred just in advance of the unveiling of the President’s Tax Reform Plan (Wednesday at 3 PM ET), so we have to couch its bullish action under that umbrella. But with lower taxes for most individuals and businesses and a one-time business foreign repatriation tax-break being reasons to anticipate an increase in spending, infrastructure, and investment, higher interest rates likely will be a bi-product of such a policy mix — if tax reform becomes law. (more…)
I’ve spent the past few months dissing lame-ass eating destinations such as Cheesecake Factory, Chili’s, and Fiesta Restaurant Group, among others. Here’s a sampling of some of the breakdowns that have been taking place (and I think we’re just getting started).
There were many comments for my EZ Disaster Guide post yesterday, in which I recounted some of the principal disaster scenarios offered up by a certain blog (which, again, I like very much) but never materialize. Slope’s own Mr. Wizard reminded me of some other “failed failures”, and I’d like to share them here in my own words, with thanks to Wiz: