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.

Royal Ripoff

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Well, today was a bore and a drag. It started off fantastic, with a very nice overnight profit on my /ES short and a big, fat profit at the opening bell. The profit eroded into a loss, turned into a big loss, and then almost turned into a gain again, and ended as a medium-sized loss. Boring. Drag. Yuck.

So I'm not going to do any more commentary today, as I've nothing new to say. Instead, I am showing a favorite cartoon from my childhood – – Royal's blog inspired me to do this – which sums up nicely how I'm feeling about the market. When examined in private, it sings, dances, and behaves as expected. In the public eye, it just sits there and croaks. The perfect analogy.

Which Will Prevail?

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The intermediate-term S&P 500 remains bullish. It has come out of an impressive bottoming pattern, it is well above its ascending trendline, and any dips it has had over the past five months has been inconsequential.

0819-spxLong

However, the index its mashed up against the underside of several important technical levels, plus the short-term chart doesn't exactly scream "ready to explode to the upside"………..

0819-spxShort

Overnight Success

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I'm starting to like this market as much as I detested it just weeks ago. Things are starting to feel tradeable again.

Last night was a good example. I spent the day loading myself to the teeth with new short positions. Afterward, instead of hedging myself, I thought there was an opportunity to make even more with an overnight /ES position, since there seemed to be a very clean line of resistance at about 990, so I shorted 21 /ES at 988. How pleased I was to amble downstairs this morning and see the area tinted in blue:

0819-es

I lightened up by 8 contracts but otherwise am holding fast. We are, I would mention, entering kind of an interesting zone at this point. Take note of the prior tinted area, as well as the current one.

0819-estwo

Good luck today! The opening bell just rang, and I'm up over 1.2% on the bottom line right from the get-go, so this could be another good one.

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