I did a post about my purchase of BP at almost its exact low. Now I'm shorting with a stop at 36.66
Have people forgotten how much trouble this company is in? It's up 33% in just nine trading days!
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.
Kris Kross Teach Technical Analysis
Here is a chart showing those crosses, that Kris and Kross have told us about……..
Allowing for More Upside
I'm in a bit of a quandary. Looking at individual stocks, I see almost nothing but short opportunities. Looking at the big indexes, I see the possibility – – but not the certainty – – of more upside of a little over 5%.
The ES, for instance, shown below, has room to run up to as high as 1130.
I'd much prefer the market to simply resume its downturn, but my preferences usually don't matter a whole lot to the market. The word this week is earnings; those are going to drive direction, and none of us know which way things are going to go. It's discomfiting, to say the least.
A Few Bounceables
I finished my weekend review of charts. My "bottoms-up" approach to trading is still screaming "short!", in spite of all the fear about last July repeating itself that I'm reading about.
In spite of the preponderance of short opportunities, a few brief bullish setups are on my radar. Here are a few; to my mind, most of these are simply "relief pops", and little more.
Morning Walkabout
I live a stone's throw away from the Stanford University campus. I was there with my son this morning, and I strolled around on my own in search of a good mocha. On the way, inexplicably, I saw this painted on a wall:
Yep. It's Ben Bernanke. I have no idea why. A little later, I saw that Stanford is building a grand new business school campus. It looks like the equity of my surname is about to have a major uptick for a long time to come!
Anyway, I've been in a broody mood all day. Looking at charts, though, the story is the same. They fall into two categories: (a) a huge, huge number of bearish setups (b) a small number of bullish setups based ONLY upon the fact they've been battered and look prone to having a brief "relief" rally (in other words, nothing truly bullish about them).
We're hosting a big party here at my house, so I'm done for the day; I'll be running around playing co-host. I hope everyone has a relaxing weekend, and although I'm sorry to hear of the heat on the East coast, I'm glad I was not a part of it!
