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.
I've obviously been pretty embittered about the entire world of EW, but one fellow – Pug – seems to have the admiration of most Slopers, and I'm checking his work out more and more frequently.
He kindly has indicated that I am welcome to share images from his site, which I appreciate. If I understand him correctly, he is looking for a drop on the /ES to ~1135. Considering the hellfire and brimstone we were discussing many moons ago, this sounds like bread crumbs, but at this point, I'm sure the bears would be positively ecstatic at even this modest a drop.
I should hasten to add that Pug sees this as simply one step toward about ~1250 on the S&P. The reason I find all of this so interesting is that it actually agrees beautifully with my own analog. The nominal prices are a little higher, but the "form" of the pattern is exactly the same.
The Shanghai Composite Index rocketed to new post-July highs today, which should continue to benefit names likes Arch Coal (ACI), Walter Energy (WLT), and Freeport-McMoRan Copper & Gold (FCX).
After consolidating for four sessions right around its August 2009-October 2010 down trendline, today the Shanghai index accelerated to the upside to 3,051 in what looks like the start of a new upleg that could be heading for a test of its April high at 3182, or another +4.3%.
Meanwhile, the SPX hit a new post- July high today at 1196, possibly on the way to a test of its Apr. high, up 2.5% from current levels. At this juncture, only a decline that breaks 2,950 will argue that the Sept. 20th upleg in the Shanghai is complete. Finally, let's also notice that RSI for neither index has confirmed today's new highs, which is a warning signal that the Jul-Oct upmove likely is getting a bit long-winded.
Originally published on MPTrader.com.
For those who might have missed the pivotal G-20 summit over the weekend, I'm pleased to provide you a summary:
(1) Twenty large industrialized countries spent several tens of millions of dollars gathering together for a showy meeting;
(2) After a well-publicized all-night session, the exhausted delegates issued a press released stating that they were all going to Try Really Hard To Work Together For a Better World Economy;
(3) Four minutes and twelve seconds later, the entire affair was forgotten, and the markets returned to exactly what they were doing before (e.g. soaring Euro; soaring stocks)
Incidentally, you can change just a few of the words above and read my Preview Of Next Week's Election without me having to bother writing it.