Yesterday rocked. Today rocked. A heaping slice of awesome pie with two scoops of vanilla on top.
I'll do a post later. I need to let the spicy mocha work its way out of my brain first. This isn't as easy as it looks, you know.
Slope of Hope Blog Posts
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.
Alexander deLarge
I sold ES at 908, covered at 886, and have re-shorted at 897, since I think this is a terrific amount of overhead resistance between 898 and 910.
CATF, CATF, Dog One is Open…………
The FAZ
Financials have run up so quickly, I'm entering my first trade ever in FAZ, the triple-inverse financials ETF. This thing is so volatile it has a 100% margin requirement. As an example of the runup in financials I'm talking about, here's BAC:
Here's the entire intraday minute bar history of FAZ. It's obviously had a very rough run due to the recent strength of the financials, but I feel pretty good about this trade.
Top Level View
I've been slow-on-the-draw this morning on the blog; sorry. One distraction has been the arrest of the governor of Illinois (which I'm sure you folks have been talking about, but I haven't peeked my head into comments all day). I remember before the election all the chatter about crooked Chicago politics, but wow, I had no idea. This is really vile.
Anyway.
I'm starting to tilt bearish pretty quickly. My longs have been great to me lately, but I'm starting to wonder if they've done their duty for the time being. For one thing, China has approached some pretty major resistance levels:
Given this, I've done something I haven't done in a long time…………..I'm buying FXP (price: $37). It's amazing that two months ago on this very day it was nearly $220.
As for the general market, it's got a tough time ahead, short-term; there's tons of resistance overhead.
My belief that we'll slug our way to 1,000 and maybe even 1,100+ on the S&P by early 2009 still holds, but there are profits to be made in both directions on the way there.
