Slope of Hope Blog Posts
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Greetings from South Lake Tahoe's Starbucks, where I am set up out of sheer desperation. I am supposed to be at beautiful Fallen Leaf Lake, but as my last post made clear, the jeanyus who does their network can't seem to get his act together, so instead I'm hunched over two laptops. All the same, I am grateful that I've got Internet connectivity.
I am not sure if I'm going to (pathetically) camp out here for the trading day, or if I'll simply update my stops and go back to camp. Suffice it to say that Slope may be very erratic today (no new posts, possibly) unless Leisa is available and shores things up, as she's been doing most of the week, for which I am grateful.
This morning's reaction to the jobs report (which I got in fits and starts, obviously; you should have seen me careening my car through the woods to get out of the wilderness…….) was spasmodic, to say the least. The /ES is also over the freaking place. What fascinated – and heartened – me was that the bizarre hard spike up stopped abruptly at the horizontal resistance line I had already drawn. Neat!
Just to beat a dead horse, I am not sure what the day is going to be like for me. I'm driving the family home tomorrow morning, and the 3-day holiday weekend is going to be very light on Slope. In any case, if I don't get a chance to say so, Happy Independence Day, and if you decide to drink today, please trade responsibly.
Well, I'm not too happy a camper. I got up dark and early this morning and went down to the lodge to get my computers set up. The Internet guy they have at this place can't seem to get things right, and at this point, the wireless network doesn't seem to be working at all. I've tried all kinds of things – – including taking Internet cables out of the computers in the lodge that do work and trying them in my own machines, and still, no dice. It's as if they've made it so that only entitled machines can get access.
This is quite distressing for me, because today is a big day. If I'm effectively off the Internet, well, there goes my trading day. It's especially distressing since the jobs report just came out, and the market is already going through all kinds of weird spasms (I saw it go from positive 10 to neutral in the span of seconds, so clearly the interpretation of the jobs report is muddied).
The only reason I'm able to put up this post is because I'm using one of the Macintoshes they have hard-wired to the network, typing on what has to be the world's smallest keyboard.
The bottom line for you is that I may be off of Slope until Saturday. I need to actually drive to a Starbucks (groan) half an hour from here to try to at least get the basics situated for the day.
How Now Weekly Dow?
With the end of the
trading week here, this is a chart I am watching during the trading day and at
the close. Notice that the trend line
down has not been violated yet.
The noise and first
reaction from the jobs data could easily mis-direct traders today and into the
weekend. Be careful.
Good luck to everyone