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I've been thinking a lot lately about the kinds of companies that are taking the world by storm and are garnering ten-digit valuations. There's Facebook – where people put up pictures, status messages, and share links. There's Groupon, where people share coupons to buy stuff they probably don't really need. There's Zynga, the incredibly popular Facebook-based gaming site. And Twitter, where people tweet status messages (99.99999% of them utterly banal) to their followers.
The thing that strikes me is how useless all these sites are. I mean, sure, they are useful in the abstract sense. I've got over 4,000 followers on Twitter, and I'm grateful that it exists. And I enjoy putting updates on my Facebook page.
But……..does anyone actually work anymore? Because between all the concerts, movies, DVDs, iPhone apps, web sites, and all the rest of it, it seems that humanity is marching lockstep toward a life of sedentary idleness. I realize not all of us need to be farmers, but perhaps Devo was right about where we're all heading. Intellectual curiousity and industry seem to be going bye-bye. In its stead are Angry Birds and iFart.
I has been avoiding trading precious metals on the whole, since there are just too many weird rumors floating around that are hard to take into account when making decisions (the most notably of which is the famed JP Morgan short position in silver which, if true, must be killing those guys). I will note that if GDX gets much stronger at this point, the H&S pattern is kaput. I'm watching this with interest.
This week's AAII Investor Sentiment (asks of one's market view over the next six months) is out and still in the bullish camp. Those answering bullish dropped 2.8% this week to a still above average 46.6%. Those answering bearish dropped 1.3% this week to a still below average of 25.6%.
The SPX continues to ignore prior correlations and the AAII sentiment data is yet another. The charts below speak for themselves as the divergence over the past few months continues to grow new levels.
Submitted by Ultra Trading. If you would like to read more, please visit - Ultra Trading
Earlier this week, I mentioned a beautiful pattern with ENOC. It had a brief bounce on Tuesday, so I shorted it on the gap-fill (shown with arrow) and covered it today for a profit. I think this may have much, much farther to fall, but my disposition these days is to play it safe.