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.
For being such an active and important stock, GOOG doesn't appear on this blog very often. I simply don't trade it that much. But I will point out how "obedient" it has been with respect to its retracement levels:
That's quite remarkable – an approximately 2/3rds loss in value in one year's time. To my way of thinking, GOOG seems poised to fight its way back to about $350 before resuming its plunge and cutting beneath 2008's lows.
I'm heading upstairs with Mrs. Bear to watch the new episode of "24"; as of this writing, the ES is up a hearty 15 points, and I reversed my short position to a long one. I've spent all weekend ruminating about the markets, and frankly I think a robust rally would be fantastic for all concerns, bulls and bears alike.
I still think there's going to be one more low made this month before we honestly and truly head higher in a big way, but in the interim, I think this mini-rally makes sense. See you in the morning.
I have drawn Fibonacci retracements on the $SPX from the peak of the post-Obama election euphoria down to the depths of last week's despair. The retracement levels are pretty interesting; I've tinted some key ones here.
Friday's late-day rise was very sharp, but if can't manage our way past the retracement at $803.91, that's simply pathetic. Pushing up to $842.82 level would be pretty exciting; I would use that opportunity to exit my bullish positions (SSO, QLD, DBA, and a variety of small longs) and go short the ES. The highest I can fathom the S&P going in the relatively short-term is the $905.71 level. If we cut above that, it's pretty evident that the bottom is in place and we're in store for a much more substantial rally than we've seen in many months.
