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.
YES! YES! YES!
Thank you, Jesus! Thank you!
Goldman Sachs charged with fraud! YES! LET JUSTICE BE DONE!
YES! YES! YES! THANK GOD!!!!!!!!!!!
Have we just seen the wave 5 top on SPX? (by Springheel Jack)
I've been looking at SPX this morning and the evidence that we may just
have seen the end of wave 5 of 5 looks compelling. If so we have just
made a major top. Let's consider the evidence.
Firstly I was
looking at ES this morning and I see that a possible H&S pattern is
forming with the right shoulder on that pattern developing now. Looking
further at it and dropping my preconception that a rising channel is
forming I now see that recent action fits much better with a rising
wedge:
Now
I am fairly convinced that we are in wave 5 of 5 up from the low in
March 2009 here, though we may instead be looking at a wave 3 extension
for the bearish interpretation. What we are looking at here is a
textbook wave 5 termination pattern and I have an example from EWI of
one here for comparison:
Looking
at the SPX chart for the wave 5 of 5 up since the Feb 5th low, I have
marked in the wave count for what I think now looks like the highest
probability count unless we make a new high today:
To
add further weight to this scenario, jacksoo pointed out this morning
that we hit significant resistance yesterday on a line drawn from the
November ES high:
This
all adds up to a compelling scenario that this wave top may well now be
in. There is still some room for upside in the rising wedge of course,
and there is also a little wiggle room on the resistance trendline from
the November high, depending on how it is drawn, but not much. If that
H&S finishes forming today then I think that it will signal an
excellent short on a break of the neckline at 1201.5 ES, at which stage
the rising wedge will also be at breaking point. If the lower trendline
of that rising wedge, currently at 1203 ES, is broken on an hourly
basis, then that will also be a signal to position short.
If the
wave top is in, then we should now at minimum now see an abc retracement
that should take SPX back below 1100. If the move since March 2009 has
been a rally rather than a cyclical bull market though, then the top may
be in, and we could then be starting a move towards a new low.
One
caveat of course is that wave 5's can extend too. As ever in this
strange market, some caution is required. Good trading everyone!
Kalendae Maximus (by nummy)
No, the centerfold isn't Keynes in a bikini … but, each month provides some interesting quotes from a significant economist. For April, we have Richard Ely. I will post the corresponding economist for each month at the first of the month along with their quotes.
Karl Marx is next up for May and Keynes is in June.
From your editor…from the previous post
Comparing 1987 Market Crash To Today’s Market (By Ryan Mallory)
(Note: This post is a bit of a 'piggy-back' off of Biffermas' post in regards to the '87 market crash)
There was a number of creative titles I could have given this article like "Markets Gone Wild", "Pay-Day Some-Day" among others, but I figured I'd be a little bit more to the point – and that's what I did. Don't think for a second that history can't repeat itself, because it can and it does so all the time. In fact that is one of the tenants of technical analysis, that you use past market behaviors to predict future trading opportunities. And as a chartist, I couldn't help but notice the grave similarities to the market of today to that of 1987.
After taking a dip in early 1987, what is interesting is the market drove right back up, at a similar angle to that of today's rally until that fateful day in 1987 when the market, overnight, dropped 21%. That would be like waking up in the morning and seeing the futures down 254 points on the S&P to 956. From peak to bottom the S&P dropped 36% in less than 2 months, and in less than a week it dropped 29% – and this, my friends, was after an incredible market rally preceding it.
Here's a Look at Today's Market.
Pretty crazy, eh???? I thought so.
Now for those of you, that need me to "dumb-down" what I just said above into layman's terms or you're just one of those Euphoric-Bulls who just doesn't comprehend what I am saying, I point you to Tommy Boy trying to explain what happens when you buy "the other guy's break pads" and his disastrous attempt to sell his product. His philosophy and reasoning for buying his breakpads is just as absurd as all of the bulltards out there that can't fathom how this market could ever go down again. Or, if you'd like, just use the video to understand what happens to markets that run out of control and what there eventual fate looks like!
I present to you – the modern day Bulltard - fat, unaware, and wears a clip-on tie!
Originally Posted By Ryan Mallory on his blog at SharePlanner.com
