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.
……..when I speak of now being not a fantastic entry point for shorts, but long-term, it hardly making much difference.
Below is one of nearly 200 stocks that have similar characteristics. Namely: (a) wonderful long-term potential for a drop (b) the opportunity to push up a little higher next week for a better entry.
I'm in this position, and my stops on all my positions remain pretty loose. Should we have a rally next week – – and the last 90 minutes of today should be MIGHTY interesting – well………..you are going to see one happy bear here.
Jellyfish was a short-lived band that had some really amazing music and videos around 1990. Below is from a live concert in Germany, although the much higher-quality and easier-to-understand video is here (embedding it is disallowed). I am in awe of any drummer who can do the singing at the same time.
Regular readers know well my frustration with my formerly marvelous 401-k account which has had its arms chopped off to the Principal Financial Group's patronizing decision to eliminate ETF trading from brokerage accounts. One symbol, DZZ, apparently eluded their search-and-destroy mission, so – – since it's the one symbol I can trade (rolling eyes), I bought it today. I'm aiming for an exit of anywhere close to $20. Sheesh.
Believe me, I shall be closing this account the moment I am legally able to do so and moving it to – shall we say – greener pastures.
Now that the market has turned down, I imagine most bears – who have been dying for this moment – are telling themselves that they'll get in when the prices are better.
I'm among them. The difference is that I've got 85 open positions, all bearish, and I intend to keep them. I'm pretty sure the market will move against them, and that's OK. I'm so deeply in profits on them already that it doesn't matter. I'm willing to wait it out.
If we do push higher – and I pray God that we do – I've got a veritable truckload of new shorts I'm waiting to get into.
But here's the thing – – back in March, as the market was undergoing another sea change, people kept saying I'll Wait For A Better Price. They knew the market was moving higher, but they didn't want to pay "top dollar" after a big surge. Let's call this thinking IWFABP. I was affected by it. And here we have it:
The problem is that a better price never showed up. Not even once. So……..
I cheated myself out of the vast majority of the rally this year by waiting for the "right price." I'll be damned if I'm going to repeat that mistake in the other direction.
Your friend Tim remains firmly entrenched and shall add to his short positions on any pushes higher. Come and get me!
So far today I…..
- Covered my GLD short immediately at the open for a small profit (phew/thank goodness); I was surprised how weak the dollar was with the /ES sell-off, so I figured it was time to scoot away from GLD
- Went long a small position (10 contracts) the /ES
- Closed my UNG, GLD, and BLK puts
As a side note, I have removed the watch lists widget from the blog permanently. No need for an explanation – – nothing bad happened – – but I figured it would be prudent.
Steer wheel today, shipmates. We are in rough seas!