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 can't remember the last time I started the day witnessing such a completely flatlined ES and EUR/USD. Perhaps everyone has hopped onto the sleigh with old St. Nick already. It's d-e-a-d! Here's the latest ES with updated retracements:
The ES is crammed between a bunch of proximal levels, suggesting a tight trading range today. There are a couple of housing reports coming out at 10 EST, so maybe that'll shake the tree a bit.
This post will be brief, as I have nothing new to say (for once). First up, crude oil, which dropped (wow……) under $40! This continues to amaze.
I am increasingly smitten with my precious metal shorts. The $XAU graph has the spiffy property of having not only retracted to a major Fibonacci resistance, but also having broken a mombo trendline and then retraced to that. I'm hanging on to these shorts.
As for stock indexes………….I covered some of my ES shorts around $855, but earlier today I also bought into some ultrashort items like FXP, SRS, and DZZ. I haven't touched the Russell in a long time (it used to be my favorite trading vehicle), but I think its slow stochastic is quite telling.
In spite of so short a post, I added a bunch of new positions today. Check out the watch lists in the right column to see if anything turns up of interest.
I imagine that, as the years grind forward, one of the growing worldwide issues is going to be to address the grotesque chasm between rich and poor (more specifically, the heavily skewed distribution of wealth). I flipped open the New York Times this morning and saw this, which sums up the problem nicely:
So on the left side we have a young leopard holding……….something. I guess it's an expensive box. On the right side is an article with photos about people in Zimbabwe starving to death. One photo shows how they will capture crickets, remove the shell, and cook them in a pan to eat (not because they are delicious, but because the people are desperate).
Every Cartier product ever made in history could suddenly vanish, and humanity wouldn't be any worse off. The contrast between these two pages struck me as poignant.
I was whining earlier about a lack of opportunities. Psh! It would help if I actually looked at some charts before I made such a declaration. There are plenty of opportunities still out there! And I'm only halfway through the alphabet.
It's interesting to note that, now that the VIX has lost over half its value since the peak this year, it has retraced to what – – for a stock – – would have been an excellent breakout point. Perhaps the new normal for the VIX is in the low 40s. It's at least conclusive that the froth is gone.
