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.
I was perturbed today when I saw the Russell push above its June 2 high………..
However, the breakout quickly failed, and as we all know, a failed bullish breakout is a good sign. Out of curiousity, I laid down a Fibonacci retracement spanning October 11, 2007 to March 10, 2008. Lo and behold, today's high nailed the 61.8% line virtually to the penny!
So I am still in position on my IWM puts, and I've got a nice, clean stop above the retracement.
Here's a couple of other ideas for my beloved readers. Speaking of which…………I'm heading up to Tahoe for "vacation" (I put that in quotes because I normally get a lot more done on vacation than any other time). This is probably going to be today's last blog post; I'll do a fresh one late tonight or in the morning. Thanks, and good luck!
A few days ago, I speculated that:
Well, I was right on all of these, but I never imagined it would be so short-lived! I thought we'd be in for, say, a week or so of the above. Instead it only took a couple of days.
This is one instance where my impatience worked for me. I took a big bullish position in ABX (for the gold play) at 32.50 and got out two days later at 35.50 (these were calls, so the percentage gain was very good). I also had a bunch of PXD with the same result. But, again, look how swiftly gold went up and then resumed its fall!
It's not all wine and roses, though. My bullish play on $XDE didn't work out at all, since the dollar's strength only intensified (as I remarked in a prior post, I am a dollar bull, mainly because I think interest rates are about to shoot higher – – hence my bearish play on $UTIL).
The new opportunity to get puts on agricultural/energy momentum stocks definitely re-appeared, and here are a few favorites.
I say again, I am really amazed at the dollar's strength. Maybe people can visit Europe again some day at reasonable prices!
