I've been feeling really hamstrung by my 401-k's suspension of the ability to permit ETF trading, and I've been trying to think of what it is I'd be willing to buy. I've decided on GDX with a stop at 41.86. Here's a minute bar graph.
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.
Fixin’ Chicken
I'm only just now caught up with emails (getting up at 6:15 isn't as productive as getting up at 5:00………); the day is going pretty well so far – – stopped out of nothing, and showing a 0.68% profit overall for the day. I'm going to try to smoke out some new opportunities. I'll let you know if I find anything.
Top of the Mornin’
Well, it seems my oft-repeated range of 1050-to-1070, now broken, is now doing its job as resistance at 1050. I did some night trades based on that resistance, and they worked out well. As it stands now, this is our helpful line in the sand for the day.
I must say, it feels good to be dealing with a market that is making sense again. Do I mean by "making sense" simply "making profits"? No! In a market which makes sense, I can lose money but at least recognize my errors. So much of this rally has been befuddling to me that it is both a frustration and a confidence-killer. Patterns, support, and resistance are starting to rule the roost again.
That Upward Trendline
Well, the Market Focus for tomorrow from Barron's ("How the Smart Money…….{brief pause}………..Got That Way") is a real barn burner. Here we go:
Highlights
Your guess is as good as any on durables and the clunker effect.
Anyhoo – – those who have been on Slope for a while know that I used to focus almost exclusively on the Russell 2000 for indexes. Back in those days, I didn't even know the /ES existed, and I didn't mention the S&P that much. Anyway, the $RUT has out-gorgeoused itself in wonderfulness with its massive head and shoulders pattern. This thing is huge……….Christina Romer huge………just amazing. But, should the bulls grab the reigns again (as they've done, oh, about 17 times this year) there's nearly 7% of "risk" left here, as I've tinted.
I beat a hasty path to the Exit door today with my really big shorts, although I re-entered my GLD short pretty late in the day.
The best possible scenario (realistically) for the bears would be something along these lines with the /ES below: a pop back to the low 1050s, an approach of the trendline, another attempt up, and then a trendline failure. At that point, it's kind of a different ball game, and it's going to be a matter of the bulls trying furtively to take control back from the bears and not the other way around.
The last couple of days have healed a lot of damage that my portfolio has been suffering. I'm hoping for a good Friday to wrap up what would be the first really good week I've had in a while. Suffice it to say the last two days have been highly restorative to the soul.
Heil Sei Dem Tag!
At my advanced age (43……) I've decided that, as long as you've got food on the table and a roof over your head, all that really matters in life are (1) love; and (2) art.
I'm a chartist, not an artist, but I appreciate the art of others – especially music. I've shown a version of this clip before – the finale of Fidelio – but I urge you to fire it up and even just listen to it in the background while you do whatever-it-is that you do in the afternoon. It's good for your soul. Thank you, LVB!
