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.

Rumors and the Chart – A Quick Look at BP

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The UK rag The Daily Mail broke a story yesterday that Royal Dutch Shell may be quite serious about a buyout of British Petroleum.  This rumor has been quite profitable for my position in BP (follow that and the rest of my portfolio here) – but I think the chart says that more strength is ahead.

My chart notes (click the image for a better view) show that today’s price action topped multi-year resistance going back to 2008.  Remember how bearish 2008 was for stocks?  Nobody was willing to pay more than about $45 for BP from about Sept 2008 through until May 2009.  Then the oil spill knocked BP back down to the 20′s.

But now, the chart says “all that is behind BP.”  The rumors were a nice catalyst this week, but the real reason for higher prices is increased demand for the stock since July!  The chart tells "WHAT" is happening, the headlines may or may not give some explanation as to "WHY".

Thanks for reading, I blog at AbjectAvarice.com where you can watch my stock portfolio in real time.

David Kern (@AbjectAvarice)

Always Look to Your Left (by Leaf West)

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VS Bruins_Jan3_01I blogged on my site pre-market on January 4th about how the early action in the SPY etf was inside the range of the last swing high and low from the prior day.  That observation brings about an important point that I think many investors /traders miss … that is they don't establish the expected initial trading range for which ever stock they are watching.

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