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.

Euro and USO

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Just a couple of quick "for what it's worth" charts…….

First is our old favorite, EUR/USD. This has been all over the map today. It shot up strong this morning, then it took a dip (I find it interesting that GDX and GLD have been absolute resolution in the face of that weakness; they barely even blinked). I've said it before, and I'll say it again: until the EUR/USD falls away (and, thus, indicates a stronger dollar), we're not going to get any sustained equity downturn.

0903-eur

Another chart is of USO. This ETF, an "old faithful" for swing trading, has broken its trendline. Nothing dramatic, but I think the energy markets are starting to tip their hand (or, in the case of UNG, both hands have been chopped off).

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Gold Caution

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Well, I feel like I'm betraying a friend, because GDX was very, very good to me over the past 20 hours – – – but I would keep a cautious eye on precious metals, still.

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I know "golden Gary" would chuckle at this, since he has said repeatedly trying to fine-tune and time trading precious metals is a sucker's game but……….I'm more of a "bird in the hand" kind of guy myself. So I've taken my handsome GDX profits.

On a more general note, I've really got to say – emphatically! – that I think it's somewhat telling how very obvious and clean /ES opportunities just fall to pieces on the long side recently. That's unusual! We had a nice little basing pattern, as indicated by my prior post, but that's looking much weaker right now. I think the bulls are starting to get their first true taste of frustration in, oh, about the past half-year.