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.

Sham Wow

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Well, the bulls are suckling from the hoary teat of failure this morning, and it couldn't happen to a nicer bunch of lads. I confess that I sold my ERY long, GLD short, and part of my TWM long a little while ago, but on the whole I am closing out only two things:

  1. Jack
  2. Squat

In other words, I'm leaving everything else open, albeit with increasingly unforgiving stops.

With the /ES down nearly 20, we seem to be at an important retracement level. But, just to keep beating a dead horse, I think 880 is just around the corner – – – then the real juncture is before us in terms of core direction.

The Bulls are in Trouble

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There is no need to say anything more complex than this: the graph below isn't bullish. It shows what might have been a wonderful breakout for the bulls end up in failure.

To my eyes, a move toward 880 on the S&P is virtually a foregone conclusion. When we do get to 880, the bulls should be wringing their hooves over whether that level will hold. If it does, we'll just chop around between 880 and 920. If it doesn't hold, we're heading to 800.