Now my biggest short position is Bank of America (BAC). It's down over 2% as I am typing this, and the chart below – which is its entire history as a public company, I believe – is a beauty. The retracement levels you see are from its ultimate bottom in the 1987 crash (!). It retraced perfectly to its 38.2% level.
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.
Hotchee Motchee
I've never said a thing about cars on this blog (except for American ones – cough, cough) – but I saw an ad for the Porsche Panamera last night and decided…………this is going to be my next car. OMG PONIES what a beauty! OK, this post is pointless. But this is a beautiful work of art:
Our Old Friend SS
I haven't done a thing with Blackstone for ages………….but I shorted it this morning. The symbol is BX.
Freshly Squeezed
In case you're wondering who the default avatar is.
Be Wary
As pleased as I am with this morning's quick, modest drop, I have a healthy dose of skepticism and paranoia. I covered my big GLD short early this morning at $97.70 – – I must say, given that GDX and $XAU were down about 4%, GLD's not-even-1% drop was kind of disappointing. All the same, it's a nice profit.
The /ES trendline in the short-term has been broken, which is great – – and it has crawled its way back underneath it. I imagine the brakes will be on trading to some degree until Wednesday's FOMC announcement. I just hope we don't have a repeat of last Monday's bear tease.
