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.
Well, another el stinko day in bear-land! I've been getting a small handful of harassing emails about the continued upward movement of stocks (which always reminds me of the famed Australian Voicemail I got almost at the exact peak of the market a couple of years ago). Perhaps my detractors are hoping to get me rattled. Sorry, boys. It's not working. Go bother somebody else.
On a happier note, I just received The Mania Chronicles from Elliott Wave International, and I can't wait to read it. It has nearly 700 pages, and it's packed with the kinds of stuff we love discussing here on Slope – – particularly popular culture in the context of the financial markets from 1995 through 2008.
I'll let everyone know what I think when I'm done, but a quick thumb-through makes this looks like something I will have trouble putting down. They're offering it for 34% off, so if you want to get a copy, click here. I was kind of surprised it was only $79 for a very big book on such a niche subject.
I'm not going to do any more posts today. With the markets unable to dip, even on bad economic news like today's retail numbers, I feel like I'm pounding sand at this point, and I'd rather just let my individual positions work themselves out. I will say, however, that I am able to deal with drawdowns with barely a blip of emotions since:
- I am dealing strictly with risk capital (there is a firewall between my trading and my "living";
- My trades are based on logic, not emotion;
- Profits delayed are not profits denied. I have come back from far worse than this! I have every expectation that 2009 will be a terrific year for me.
So I'm going to do some other things besides Slope for the rest of the day. Thanks, as always, for popping by (and a particular thank-you to regular commenters!) Good night.
I was watching UNG this morning, which had traveled all the way back down to a support level. It was a tempting long position, but after having seen UNG crack a prior, similar support level (shown below, tinted in blue), I decided not to do anything.
At first, I regretted this, because UNG moved nicely higher – – but those gains for the bulls vanished, and it has – once again, broken support (magenta tint).
I've avoided UNG for a while, since it can't seem to find its footing. I'm glad I likewise didn't touch it this morning, in spite of its brief bounce.
The /ES was well-positioned for an upward thrust, but it has withered away from it. A break below 998 would irreparably harm this potential breakout pattern.
We haven't mentioned AutoZone – "the widow-maker" – here in a long time, even though I've got puts on it. Well, lo and behold, the stock has actually lost its mojo, and it's down about 15% from its high way back on April 30 (which seems like about 20 lifetimes ago). This has become a really slow mover, but at least it finally started heading south (even in the market we're in).
If this keeps up, I'm going to have to change the name of my blog to "Lottery Long Central" – – but here's another one – TravelCenters of America, whose symbol is TA.
There's been a lot of excited chatter about legendary hedge fund manager Paulson buying up an enormous stake in B of A during Q2, making him one of their largest shareholders.
That's awesome for Paulson and his investors, because the average price of B of A in Q2 was about $9. It's currently about double that. So this has been a fantastic investment.
What's a little perplexing, though, is why people would consider an investment made last quarter, at much better prices, to be a clear "Buy" signal for this stock. As I look as this chart, it doesn't exactly look like a raging buy to me………..