I wish I spent more time in the comments section than I do, because some of the best ideas are in there. Yesterday, I happened to stumble over someone mentioning LULU, the purveyor of overpriced athletic wear for affluent women. It was a beautiful chart, so I shorted some. I'm glad I did – – it's one of my few bright spots today!
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.
Weak Treasuries
Well, not a good day for me in the least. I'm down 1.74% as I'm typing this, and the overall market is up 1.2% (by "overall market", I mean an average of the SPY, IWM, and QQQQ). I definitely got snookered by the brief selloff after the Bernanke speech. It turns out that was a fantastic place to buy the bounce.
One of the few bright spots for me is my TLT short, which I entered earlier today. Please take note of the gap and circled areas on this multi-year graph.
This Level MUST Be Broken
Hey, Bulls. There Goes Your Ride.
Well, the bulls – – who these days have to rely on government welfare, since they can't make an honest living – – must be upset. They had a surprisingly "strong" GDP on their side, as well as Bernanke grabbing his ankles again, pledging to do Whatever He Needs To Do, and yet the market still sells off.
Couldn't happen to a nicer bunch of folks.
GDP Relief
The revised GDP numbers have rolled in, and bulls heaved a sigh of relief that they actually beat the consensus.
The /ES surged on this news, up nearly 10 points, but there's a pretty thick wall of overhead supply between 1055 and 1062.
Bernanke's speech, scheduled for 10 a.m. EST, is the next big event. If he announces some giant new government giveaway, it might provide the bulls the power they need to get past the aforementioned resistance. If he just chats about how, my gosh, things are pretty tough, we might see a firm sell-off.
