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.

We’re not getting to 1150! (by Osbourne Cox)

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This is going to be quick and dirty.  Yesterday I posted about what I discovered about the correlation in the QQQQs between now and 2007.  And I followed that to go long today.  Awesome!

2010_QQQQ Revised

But something has been nagging me.  The pattern says we'll get above box 14. But that puts us above the left shoulder.  So that can't be right.

Looking back, I see that ONLY the QQQQs reached the height of the left shoulder.  SPY and DIA did not.  IWM exceeded it.

H&S-2007

This is where we are now:

H&S_2010

I don't think SPY/ES is the measure for the climb.  I think the QQQQs are.  And there's about 1 point left.

Based on this, I think it's a mistake to try to wait to hit 1150.  That's too neat and clean.  It's going to happen before that.

Chart on GLD (by Mike Paulenoff)

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Is the "re-risk" trade back on for gold? Last week everyone was "de-risking," remember? The pattern carved out in the SPDR Gold Shares (NYSE: GLD) since the May 12 all-time high at 122.24 argues that major "de-risking" (otherwise known as profit-taking) emerged into the May 21 low at 114.01 (-7%). All of the action off the 5/21 low into yesterday's high at 119.08 has the right look of a new upleg in the GLD that should revisit the May high in the hours/days directly ahead. It is interesting to note that gold prices (the GLD) have climbed over 4% during a 3-day period when the dollar has declined versus the euro, which suggests that gold prices now are showing us they can rally in the absence of a flight to safety into dollars and Treasury bonds.

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Originally published on MPTrader.com.