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.
Bullisher
Well, charts don't lie, and I'm afraid they're looking more bullish all the time. I've mitigated the damage with some big energy longs. It's pretty interesting that the GDP would come in on the low end and everyone would be celebrating. I guess it's inevitable that Q2 to Q1 comparisons for 2009, when they ultimately come out, will be very favorable. In any event, if the FOMC pushes the bulls into a follow-through above 880, it's all over for the bears for now.
Energy Breakout
I'm really liking my long positions on energy these days. OIH and USO are my favorites.
I'm using a stop of 87.84 on my OIH long.
Gee DP
Well, the release of the GDP came out, and for the bulls, it was probably anti-climactic. The /ES had been pretty firm all night, and a surprising GDP ("surprise" being an utterly subjective term) might have sent the /ES into the stratosphere. Instead, it just sort of let the air out of the balloon.
As of this writing (the GDP was released 7 minutes ago), the /ES is still up, but by 8 points instead of the 12 it was up earlier. So for the moment it would seem that there isn't any kind of GDP shock that would throw things big in either direction. I imagine it will be a pretty dry market between now and the FOMC announcement at 2:15 EST.
My biggest cash positions right now are long DBC, long USO, long OIH, and short GLD plus GDX. I have no big general equity positions in the market of any kind right now, since today is a big slice of uncertainty a la mode.
For the immediate moment, it's back to Mrs. Bear.
A Little Knight Music
OK, here is the final time I'll ever mention my "alternate fund" survey for accredited investors that would have a potential interest in a technical analysis-based investment fund. So I won't mention it again. Promise. See, now we're done 🙂
Given the mountain of events that are going to happen Wednesday, I don't see much point prognosticating until the GDP is released before the opening bell. In the meantime, I'd encourage you to enjoy something I've shared once before – – the absolutely magnificent Brahms Concerto in D Major, featuring soloist Gidon Kremert and conducted by Leonard Bernstein. Stupendous!
