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.

Very Weak Retracement

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Well, I thought my long /ES would have at least lasted until now. It didn't.I bought 20 /ES at 831.75 late yesterday. It was at 836 when I called it a day yesterday, and in the wee hours of the morning it got up just a little higher to 838.25. I thought it would push toward the underside of the broken wedge at 850, but when I woke up this morning, I saw it had completely given up the ghost and was down hard. My stop at 831 had been taken out, so my $5,000 late-night profit turned into a $1,000 loss. Oh, well! At least that means all my short positions will be off to a good start with the opening bell.

The interesting takeaway from this is just how weak the retracement was. The /ES could only manage a few points to the upside before giving up the ghost. My view is that a trip close to 800 is very much in the cards by tomorrow or, less likely, even today.

The Dream Scenario

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Now that Mrs. Bear and I have finished watching the latest episode of 24 (Boo, Tony is evil!) I thought I'd do one last post. I am, as I mentioned in the video, long 20 /ES at 831.75. It is at 836.25 as I am typing this. The ideal scenario, as I've shown below, for me would be (a) a climb up to the underside of the broken wedge – – let's say at 850 or so (b) a plunge from there.

The key, of course, is for me to reverse the position at the right time!