A favorite scene from one of my favorite movies ever (Blue Velvet) – – definitely NSFW, but required viewing for Slopers, particularly given last Saturday's death of Dennis Hopper.
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.
Satan’s Sell Signal
I shorted it earlier today @ 46.40.
Midway
Goatmug has done an absolutely fantastic post, but it's quite lengthy, and I don't want to publish it until after the close so people can get it the attention it deserves.
In the meantime, I'll just offer this one comment – – we're dead in the middle of the "WAG Rise". People were really questioning the WAG, but it remains intact, albeit under the forces of greater gravity than I imagined (that is, the selling pressure didn't allow a breakout from the IHS, so it's been trading like mush).
I think our situation can be expressed with one simple graph, shown below. The bears are facing about 500 points of Dow risk right now. I have felt the pain of this risk lately, having been stopped out of several dozen positions this morning and having a pretty bad day yesterday. But the risk to the bulls is about four times greater.
I think even if we bears have to suffer through another 500 points, it will serve one purpose and one purpose only: to make the fall that much greater. I remain short, and I intend to add more positions today. Yes, tomorrow morning represents risk, but the uncertainty about the jobs report also represents opportunity. I am embracing the opportunity and facing the risk.
Gold Miners Short Thriving
This short position is doing well. At the risk of Gary Savage crushing me like an overripe grape that writes a blog, I'm projecting a target price for GDX at about $38.
A Leading US Market Gives a Hint – QQQQ
NFTRH87 talked about the Dow's as yet un-triggered MACD lines. A
subsequent email update noted the same in the HUI (along with
characteristics that positively distinguish that index). But here is
the Cube, attempting to join other leading markets (remember, they tend
to lead to the downside as well) like the China FXI in MACD trigger up
status.
Now of course, this was all in the script. Risk is high
for bears in the short term. Intermediate term? Not so much I think.
It is time to begin thinking about the nature of this top… will a
right side shoulder form here for a nice bearish summer?
First we
have to determine whether or not the MACD signal is going to become
actualized in the form of RSI breaking above resistance, while the noted
price trend line is taken out. A nice, neat 62% mini-crash retrace to
the noted resistance zone would be nice.
The caveat for the bulls
is that volume thus far stinks on this little hope expression and trend
has not been broken. The onus is on dem bullz to prove they can even
get a decent rebound going. But they 've got to start somewhere and we
are one by one, starting to get some MACD signals. The nature of the
bulls' progress (and the dumb money's sentiment) will go a long way
toward determining when/if NFTRH re-establishes short positions. Right
now, it looks like just a matter of time.
