The volume in SRS is hard to ignore. This ETF has been absolutely pummeled, having lost nearly 97% of its value from the peak. But a series of four higher lows recently makes it intriguing. I've purchased a modest block of it.
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.
Hail, Caesar!
I thoughtful Sloper sent me this thought-provoking quote from Shakespeare:
"There is a tide in the affairs of men. which, taken at the flood, leads on to fortune; omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea are we now afloat, and we must take the current when it serves, or lose our ventures."
~ Julius Caesar Act 4, scene 3, 218-224
The Breakout Everyone Has Anticipated
Gold bugs are dancing in the streets today, because everything shiny is racing higher. GLD has a very clean breakout with – by definition – no resistance overhead. It's a pretty amazing chart.
The S.A.D. Indicator Upticks
I'm somewhat confused at the atmosphere around here. Last week the "smart money" on Slope (those who seem sharp and know what they're doing) projected this week a push up to about 1050 as a gift from heaven for the bears. I agreed. And here we are – 1050+ on the S&P. Good!
But people go from bear to despair really quickly (suggesting a surge in the S.A.D. Indicator). Here are a couple of real plums:
It seems, based on the above – without any real interpretation or extrapolation, one concludes:
- Get your investment direction from radio and television ads that are selling you stuff;
- Don't ever close long positions;
- Don't ever buy puts;
- "Computerized lines on monitors" (e.g. the entire world of charting) is pointless;
- In this market, one should simply "buy and go long" (which I thought were synonymous)
M'kay.
EUR/USD Approaching Key Resistance
I had a good trade on the /ES last night; after the nice saucer pattern from yesterday, the market spent much of the evening consolidating between 1035 and 1038. I bought 30 /ES at 1036.50 with a stop below 1035, and I closed the position out this morning for a solid profit. The /ES is up 8.50 as I'm typing this, and the EUR/USD is particularly strong.
Indeed, the dollar's pummeling is starting to reach a pretty important level, shown below. If we cross the red line, the likelihood of continued equity weakness short-term is badly diminished, and the gold bugs are going to have a field day.
