It looks like faith in China's ability to save the entire world's economy is slipping quickly. Below is the FXP, the ultrashort on China. Take a look at the volume in particular.
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.
The Night Shift
These days, it seems like all the action is happening at night (both in the markets and on Slope, where the midnight owl post garnered nearly 800 comments). When I slunked off to watch 24 last night, the /ES was down 10; it's currently down 3.5. I wouldn't mind seeing a bounce to about 1100 before taking on renewed weakness. I'm frankly relieved not to wake up to a market that's down hard. I've got lots more shorting to do, and I'd prefer to short into rallies (such as they are).
The FOREX market was a big reason behind the /ES weakness last night. A bounce higher in the EUR/USD will strengthen equities, and the minute graph suggests we could be setting up for such a bounce very soon.
The title of this post reminded me of one of the coolest songs from the mid-1980s. Enjoy it while you get ready for your trading day.
The Biggest Loser
Well, since I have nothing new to say about the markets, I'll just use the old fallback of a top ten list. Below are my best ten short positions right now, each of which have a double-digit gain. I have listed them in ascending order of profit (e.g. DIOD is the best one of all). To save you download time and screen space, I have linked to these charts, instead of showing them directly in the post. That's it for me today; good night!
In the Spirit of Simpsons Avatar Day
A Whole Lot of Nowhere
Very little action in the market today – – I guess people are too scared to trade. My precious metals plays worked out (although I had hoped they would really rally – – they just kind of farted upward a bit, and I got out). My attempts to score some cash from DIA have been a dud. I exited a handful of shorts, just to trim things down some. I've got about 52% cash deployed, and I think I'm going to wait until Wednesday or so to consider getting aggressive again. Below is the meandering inaction of GLD and DIA today.
