I am buried with emails about the Susan Boyle performance, so I might as well post it here. I usually embed these videos, but YouTube isn't allowing it with these. Anyway, it's very inspiring, so here it is. So you can stop emailing me now 🙂
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.
OIH Dump
I was watching OIH very, very closely this morning, and even though technically it was a breakout, I decided to get out of the position.
Why did I do this? I don't normally just throw my arms up when nothing is technically wrong. The reason is because too much of what I was seeing resembled a false breakout. If we were in a market that was pretty near recent lows, I would be very excited about OIH, because it has most of the markings of a fantastic position. It's under $90 now, but if the stock market in general looked like it did early in March, I think OIH would have the potential to move to $125 without missing a beat.
But we're not in early March. We're in the second half of April, and the market has had one of the hugest countertrend rallies in recorded history. This isn't the time to be taking on big new long positions. In point of fact, I am focusing on my current longs now to see where I can trim.
I have beefed up my /ES short to 20 contracts.
Watch 857
What a chatty bunch you are! Well over 200 comments from yesterday night's post…………
Anyway, the numbers C and GE produced certainly aren't going to produce a 200-point opening gap or anything like that. Things seem pretty tame. FAZ is even up! As are SRS and SKF. But today is going to be wild, and it will be good to have this week behind us once the day is done.
I think 857 is a really important level to watch on the /ES today. The small inverted head and shoulders pattern spanning the 13th through the 16th is already looking pretty sloppy, having had its neckline violated last night, and a clear descent beneath 857 would finish off the job. A break below the tightening wedge below is pretty much the bear's best hope for things turning around. A break above 880 would be uber-bullish.
Find of the Night
OK, I've earned all my subscription fees from Slope with this little discovery. This involves the Russell 2000. Look at this:
So that's cool fact number one. The percentage moves were identical.
But here's the really spiffy part. The move on the left, from November to January, took 29 trading days (inclusive). The move we've been suffering through this time is, as of today, in its 28th trading day. Which means if we eek out a new high in tomorrow's bar and go down from there, these moves will be identical in both distance and percentage.
Neato, huh?
