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.
Pretty bold (or stupid) for me to say something so definitive, isn't it? Well, if nothing else, I am opinionated. I don't think we're going to see 1,000+ after all. The government threw everything they had at the market, and June 11 was the top (in my opinion……….obviously). We got awfully close to 1,000, but I cannot picture a scenario in which we get above it this year.
This is actually kind of disappointing for me, and part of me is hoping we get up to 1,200 on the S&P by some miracle. I'm hoping to make a lot of profit in the resumption of the bear market, and these aren't exactly nosebleed levels we're at. But the charts are seriously broken for the bulls. This is why I added nearly 100 new positions today alone – all of them short.
If we break the neckline on the S&P, as shown below, I think we're heading to 800 this summer – – maybe even this month. After that, I have no earthly idea. I think a horrible chop between 800 and 900 is the most likely prospect, torturous as that sounds.
We family has been really patient with me during this two week "vacation", so I think I'm going to go silent for a while – – maybe even a couple of days! So enjoy the July 4th holiday, and congratulations to everyone who was short.
- Printing up trillions of dollars of fiat money is no way to save a crumbling economy;
- A soaring jobless rate is not a basis for optimism about the prospects for equities;
- The fact that Goldman Sachs was able to snooker the public (again) by pushing the market higher 1 quarter out of 7 does not mean a new bull market has appeared;
- Dumping tens of billions of dollars into the completely failed US auto industry at taxpayer expense is not a wise move;
- Throwing trillions of dollars at insolvent banks, which spend most of their attention lining their executives pockets with enormous bonuses, is imprudent;
- Pretending that the Medicare and Social Security System aren't headed for certain collapse is disingenuous
- Peach cobbler with two scoops of ice cream can make a delicious noontime treat.
Congratulations, Slopers. The trading week is over. You won.
Here is my gift to you – the result of many, many hours of hard work – – you can download my entire list of new shorts with stop prices as a simple text file. The file format is:
<ticker> <stop price> <quantity>
The quantity won't be very useful, since it's simply about the quantity of shares required for a $10,000 position.
I was able to enter orders on virtually all of these (a few were not available). I am very "fully loaded" now on the short side.
I've got nearly 100 positions to short, but here's just one of them – I think GRA looks like a delicious bearish position.
Incidentally, is today cursed or something? Quotes are down (which is just lovely). Disqus is having more troubles. Sheesh.
The best performer for me on this overall wonderful day (lottery plays notwithstanding!) is ERY, the triple-bearish energy ETF. I think we've got a very good shot at the underside of that trendline before needing to take profits.
I eagerly watched the /ES as the jobs report came out this morning, and I like what I see.
Just before the close yesterday, I shorted 4200 shares of GLD (the gold ETF), and that's looking like it's going to work out nicely; I've got a 93.01 stop on those. I also bought a bunch of DZZ (the double-bearish ETF on gold) and more SKF.
I smell a good day ahead!