We're still just grinding around, but as long as the S&P stays below about 925, we still have a chance form complete a nice head and shoulders pattern that would get us down to about 800 on the index. I've tinted in the formative pattern.
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.
Going Long TBT
The ultrashort for treasuries TBT has moved back down to an alluring level. I'm buying.
Shorting OIH Here
I like OIH's price for a short. It's very clean.
Speaking of oil, here's a potential Sloper expressing her feelings about the recent election in Iran:
Dare It Be Spoken?
FAZ is actually forming a nice basing pattern here. A breakout above that horizontal line would be pretty powerful for this triple-bearish ETF.
Death and Taxes
A Sloper pointed out this story from Bloomberg this morning – – former IBM chairman Lou Gerstner is suggesting an 80% tax on short-term trading gains.
Wow, thanks, Lou! Now that he's made his fortune, he doesn't have any problem taxing your hard work, does he?
There seems to be an impression that traders simply stroll out into the market, grab a bunch of cash, and stroll right out. People don't realize how difficult making a buck in a hyper-competitive trading market can be. I would also point out, Lou, that between California's 10% income tax and the Federal rate of about 40%, I'm already giving 50% of my own gains to people who had absolutely nothing to do with it. So, thanks, Lou, but I think 50% is highway robbery enough.
Schmuck.
