Slope of Hope Blog Posts
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My near- and intermediate-term pattern and momentum work indicate that Walgreen Co. (WAG) ended a significant correction at its Feb 5 low at 33.00 — and a retest of that low was satisfied last week at 33.44. The upmove off of last week's low into Monday's closing high at 34.17 sets up a double bottom corrective low in WAG which should propel prices to test key resistance between 35.30 and 36.10.
If my work is correct, and WAG has ended a significant corrective period within a large bull market period that began at the Oct '08 to Mar '09 lows (21.28/39), then the price structure should waste little time before heading sharply higher in a hurry.
I think that in the late 1960s, the term "one-decision stock" was coined by the investment industry to suggest ostensible blue-chip performers (like – oh, say – Polaroid) that could simply be bought and held for perpetual growth.
It seems we're living another mini-era of this kind of thing. For instance, Ford – – yes, Ford, the American maker of cars – – hardly thrilling stuff – – is up nearly 900% over the past year.
And, more recently, real estate – yes, real estate! – has been the barn-burner. Take a look at triple-bullish DRN, up about 80% is just the past month! It's enough to make you sick (unless you own it).
For someone like me, the past six months have been terribly discouraging. Witnessing phenomena like the above is hard to swallow, but it is reality.
Conspiracy theorists should try to get over the conviction that Bernanke
and Geithner are buying S&P futures (or whatever) and controlling
markets in an upward direction to promote agenda.
indicators like the Russell 2000 index of small caps state that it is
just mass sentiment getting whooped up once again – perhaps with a
feeling of 'in Ben we trust (to inflate)' – but none the less, it is
wild eye speculators taking the RUT and a host of other speculative
leading markets (China notably excepted) and froth indicators higher.
is a micro view of the RUT showing an interesting candle that 'could'
hint at a short term top. The opposite of a hammer (bullish) is a
Hanging Man and he ain't bullish. If confirmed, he will have come at
the end of a short term (up) trend and he will lead to some south side
exploration of support levels. We note a couple gaps lower for good
I am typically not a candlestick micro manager, but it
will be interesting to see if the day traders see what I see and turn
the party down a notch. —Gary
PALM has been getting killed in the mobile phone battles, but I'm wondering if this chart is shaping up for a bounce. What do you think?