Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
It was a really good day. It was a fan-damn-tastic day earlier, but some of those mongo profits backed off into simply good profits (these are all still open positions). But I am definitely not complaining.
My post will probably be on the late side tonight. Also please understand that there's pretty much no way I can stay up to date on comments (and replying to them), although I try to do so when I can.
I'll do a post later……..and I won't give up on doing it, like last night!
I think the Euro is going to retrace to near the tinted area and then resume falling away. This means: short-term, long; medium-term, short. I am a dollar bull now. And a crude bear. But for the short term, I'm a dollar bear and crude bull. Yes I am.
The $INDU is approaching both a retracement line and a trendline. Could it bounce here? Maybe. But if and when it breaks these, the downtrend can resume in earnest. I am hanging onto my $NDX position and have sold my $RUT position for a nice profit. My oil and gold longs are doing great, although I have taken profits on my ABX calls.
My strategy right now is:
This is going great so far. I am delighted with gold in particular. We will resume a major downtrend, but not until this retracement is done. This morning is going sensationally well on all fronts.
It was also good to see that, after weeks of grinding away in a tight range, Bank of America (BAC) finally broke beneath its retracement line.
As an aside, I'll mention that early today I closed my $RUT puts at a small profit, simply because this index is behaving too strong for my liking. If the Dow is down over 100 and the $RUT is actually in the green, I've had enough. I don't trust this index right now, and I didn't want to extend the risk.I've got plenty of other good positions and don't want a laggard in the bunch. (Update: After posting this, it dawned on me what a moronic reason that was to close the position, so after examining the chart again – – and looking at Evil Speculator's post! – – I re-entered. I was going to delete this last paragraph since I undid my decision, but I knew you guys would crucify me.)
