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.
As I'm trying to get a real post ready, I'll stall you with the following: this is probably the funniest roast clip I've ever seen, and it contains two childhood heroes of mine – Kirk and Sulu (in real life, however). Consider this rated-R, so don't watch it if you'll get hollered at or don't like it blue.
Hi Everybody,
It's been a pretty busy morning for me, so hang in there. I've got some interesting new features on the comments system I'm going to sneak peek for you today.
I've got a gaggle oF shorts in on the market right now, and I'll share some choice ones later today.
Love,
Knight, Tim (Mrs.)
I'm not leaning towards a very deep retracement right here. My feeling is that we will rise this week, make a new high on SPX, and then start a deeper correction that will take us back towards 1150. I might well be mistaken however.
We are seeing real weakness on SPX after last week, and at the least the topping process looks well advanced. On SPX the rising channel from the August low was broken with conviction on Friday and wedge support from 1085 was tested:
The picture on ES looks even clearer, with that wedge support trendline tested on Friday and retested overnight. It has held so far:
Short term, ES is still in a declining channel from the high which is offering some very nice short and long entries and exits while it lasts. There are a couple of things to add to that here though. Firstly there is strong support at the Thursday overnight low at 1193. That has been tested twice since on Friday and overnight but the level has held on an hourly basis, and is the key initial support level if ES is to decline further. It is made even stronger by the fact that to break it with confidence the lower wedge trendline from 1085 would also have to be broken. With that caveat in mind, declining channel support is currently at 1188, and resistance is at 1204.5. Both levels are steadily declining of course as long as the channel holds:
On the bigger picture we are still obviously some distance above EURUSD wedge support in the 1.32 area, and other USD currency pairs look ready to fall further as well. AUDUSD has an obvious target in the 95 area, which would also be close to a retest of the broken broadening formation at 94:
I posted the XLF chart last week showing that it had bounced twice at the top of the broken rectangle. I wondered aloud then whether that support might break and open up a retest of the broken declining channel upper trendline just under 14.7, and we saw that support break on Friday. More downside looks likely but if it makes that retest XLF will look very interesting as a speculative long:
It is options expiry week this week of course and that is not generally a week for steep declines. I'll be watching for a break up from the ES declining channel, which would be a good short term long entry if we see that today.
Leisa here: I was unable to get a sector report post out. I'm going to piggyback on SHJ's post and give you the download link if you are interested. Here's the graphic and the report here.
How’d that quote go? – “Don’t fight the Fed…” As of Friday, I am still net short, but have more longs (as a %) than I have had since 2007.
To be clear, I fundamentally believe most Western economies are circling the bowl; and the Fed is dumping water in, praying it can keep the turd from going down… it’s just a matter of time.
Since mid-late October sometime, I’ve been taking small bites of EPP (iShares MSCI Pacific ex-Japan) on any drop. From the iShares site: http://us.ishares.com/product_info/fund/overview/EPP.htm
Pros: Given the 20% inflation Ben & Co. just dumped into the bowl, I like the geographic breakdown:
Australia 65.46%
Hong Kong 19.29%
Singapore 12.67%
New Zealand 0.79%
Macau 0.64%
China 0.27% (<– and specifically that this is not a large % of the mix)
Additionally, as the world hunger for materials grows, 10% of EPP is BHP Billiton.
Cons: I’ve been cautious with the accumulation, as over 46% of this ETF is in Financials. Sure, as a %, most of the Financials are ANZ banks, but I have such a limited trust of this sector – I can easily imagine some panic-inducing event turning this into a loser faster than the HFT machines can dump it.
TA: The price data is strong above the cloud:
EPP appears to be at a confluence of support. I'm holding at this point, and will add another chunk if it can manage to hold the blue line. If it breaks the overhead green, I’m adding more for what I believe should be another nice leg up:
