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.
Does 1150 Matter?
Everyone on the planet has been citing 1150 as the bottom for this dip down. It's almost a mantra.
What was today's low so far? 1150.26.
How about that?
I think it's going to be broken. "Everyone" is in for a surprise.
Buy-Curious
First…….last time I'll mention this, promise, but if you're a Sloper who is in Las Vegas, or is going to be in Las Vegas, for the Money Show next week, sign up for SlopeFest! We're going to have fun.
I bought these stocks earlier today; I don't consider all but one or two of these to be long-term holds. These are battered bounce plays. Here are the symbols and their stops. I have 100 positions on the short side.
AIZ
35.11
AKS
14.98
BDC
26.74
BHI
46.15
BYD
12.56
CSR
4.82
CYMI
30.92
DIVX
7.11
DRQ
54.70
EK
5.57
FBR
17.19
KRC
32.47
PETS
20.75
RTP
45.98
TIE
15.00
Percentage Of NYSE Stocks Above Their 10-Day Moving Average
Above is a chart of the percentage of NYSE stocks trading above their 10-day moving average (DMA). I like to use this chart to gauge potential short term bounces. The yellow arrow points to the most recent reading, and as we can see, it's nearing the oversold area. It's possible for the market to bounce when reaching the 10-20 area. A poke into the 0-10 range is a strong signal of an oversold market.
A few aspects of this chart to note:
- Oversold and overbought can remain in such states for long periods of time.
- This is not a timing chart and thus does not produce strict "buy" or "sell" signals.
- Overbought can stay overbought longer (way longer actually) than oversold. Oversold is typically a sharp jab up whereas overbought lingers as the bull trend expands.
- The best signals are when price diverges from the current reading. Example: price moves lower, but the number of stocks trading above their 10 DMA remains the same or moves higher.
- At best, charts are wind socks.
This post first appeared on my Tumblr blog.
A Kilo of Comments?!?!
I did something very unusual yesterday afternoon – – I put up a post at about 2 p.m. and let it sit until now (5:30 in the morning). Well, there are nearly 1,000 comments in there now, and God knows what kind of pandemonium has ensued. Late-Night Slope often turns into a trader's version of match.com or worse. My trip to Paris exhausted my guest contributors, I think, so there have been no guest posts since that time.
My portfolio is positioned (very) short equities and long gold. Pre-market conditions seem agreeable to this disposition. I can't help but think something big is going to happen in the markets. Perhaps God, in his munificent wisdom, has arranged for a nice tumble in preparation for SlopeFest. If so, prepare for many pictures to be posted at the aftermath on Tuesday……..probably involving Leisa on top of a table with a mug of absinthe.
In any case, it's time to get started for the day. Be Prepared.
