Slope of Hope Blog Posts
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I would like to close today by looking at the last time Google had a huge gap up. It was on April 14, 2008.
As with the event last week, GOOG exploded higher on huge volume. It spent the next few weeks padding its gains, adding another 10%. And then – – well – – you can see for yourself on the chart.
Of course, this wasn't GOOG's doing; the entire market fell to pieces, and GOOG went along for the ride. My point is that just because one particular company does sensationally well, it is still subject to any general market weakness that might take place afterward.
I originally put this picture into a draft post early today, just to have a comment-cleaner to toss out there. However, I had occasion to walk into WalMart today, and Holy Mother of God, it was an eye-opener.
I had never really be in a WalMart before, and it was like instantly stepping into the third world. I know of all the sites that show the customers that go there, and I've read an article or two recently about the hellish conditions of employment there.
But still……..I was instantly struck by the fact that WalMart was nothing more than Really Lame Target. When a place makes Target look spiffy and fashionable, you know something's really wrong.
And it's not like this was a run-down old store; this was one of the newer ones, in a pretty decent complex in Mountain View.
Anyway, you can't argue with success, right? They are the largest employer on the planet, right? And a fantastic retail phenomenon? Right? All the same……..what a shithole. I felt like buying some rope at the Rollback price and hanging myself.
This post has nothing to do with AAPL. Time for a change of pace.
I just wanted to post a gentle reminder that I have a limited quantity of Chart Your Way to Profits Second Edition that I am signing and sending to anyone willing to part with $75 (for those of you who have been trying to short this market, you can send cans of dog food or S&H Green Stamps instead).
Please go to this page to read a bit about the book and get the particulars on parting with your hard-earned cash.
I imagine one of two of you might have heard that AAPL announces earnings after the close today. My dumb guess is that they'll have great profits and the stock will soar (not necessarily GOOG-like, but get higher nonetheless). I am not confident enough in this shot-in-the-dark guess to actually buy any, but God knows I wouldn't short the stuff.
In any case, I think even if this is a blow-out, AAPL isn't going to get above $375. That sounds pretty conservative, I realize, since AAPL is already at $317, but I'm talking about the rest of the year, and probably well beyond that. A very long term trendline, as well as a Fibonacci fan, converge to create a wall of resistance at about that level.
So if AAPL were, let's say, blast to $375 tomorrow (which would be incredible, to say the least), that is when I'd be comfortable shorting the living daylights out of it.