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 Day in Brief
I'm kind of mad at myself today. How come? Because I'm underperforming the market. The S&P is down 2.69% as I'm typing this. My portfolio is up something like 2%. I work way too hard for that kind of performance, but since most days recently I've kicked the market's butt, I'll try to take it easy on myself.
My purchase of USO, SLX, and GDX stunk up the place. Especially SLX. Talk about catching a falling knife!
My many energy shorts have been doing great, but I've been covering most of them to take profits. I'm long a number of items right now – DIA, GLD, UNG (!!), and a few others. I do get the sense we're in a bit of a mini-panic right now, so I'm trying to take advantage of what I think are good prices.
As I've said, quick tumbles are NOT my kind of market. I'd rather have 5 days in a row of the Dow falling a 100 points per day as opposed to a single day 500 point drop. There are many reasons for this, but trust me, I do way better with a steady drip.
I see Disqus is sucking wind again across the board, so comments are probably stymied somewhat today. Sorry to keep declaring how busy I am, but seriously, it's insane. No promise on whether this will be the trading day's last post or not. I'm trying to get my portfolio shape.
Again, hearty congratulations to you insane May put owners. WOW!!
Many ETFs Suggesting Support Here
The Road to 1050
Errr, the handful of longs I picked up (GDX, SLX, USO) ain't lookin' so good right now! Mercifully, the 134 shorts I've still got balance them out handsomely. All the same, although I felt the first leg of this move (that is, the leg down to about 1050) would have some pauses in it, those pauses seem few and far between.
I went through all my unallocated charts last night, and I set aside 34 in the bull pen and 174 in the bear pen. Clearly there are many more bear setups (presently or, as I anticipate, after a bounce) than bull setups. As for today – – personally, I prefer getting bounces out of the way earlier so we can short into them, so starting the day off with a 20-point /ES wipeout is, in a way, more challenging.
Anyway, same old, same old for me……..go through both bull and bear pens to look for immediate opportunities. Good luck, and mega-congratulations to any of your crazy May put owners out there!
