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.

Uncle Buck… Cast Out Once Again

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Here's the situation for dear old Unc.  He is outside in the cold, looking in.  Behind him are the 3 Snowmen (let's see who remembers what they represent) out in the yard, awaiting their time.  In the warm, toasty house the revelers are punch drunk, doing the twist and making out in the corners.  The music is loud, and it sucks by the way.  Pure canned, disco crap. 

Every once in a while, a group of hotties sees Unc staring in the window and they mock and giggle amongst themselves.  The real men are inside, doing the shuffle and giving pick up lines, not to mention doing another kind of lines.  This is a hell of a party and no one wants to leave.  Too much fun.  No worries about the details of every day life.  No worries about why they are even at the party.  Party on… til there ain't no party no more.

http://www.biiwii.blogspot.com
http://www.biiwii.com

Usd

Another Bounce from Support (by Springheel Jack)

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As expected SPX bounced yesterday and made a very nice reversal from the main support trendline on the daily chart:

Pug's primary count is that we have started the new wave up and is seeing a move above 1332.09 SPX as confirmation of this count. That fits, give or take, with a breach of declining resistance from the recent high, and if we see that, I think we'll be looking reasonably safe on the long side again. I have declining resistance on ES currently at 1334:

The Nasdaq chart looks similar with declining resistance at 2360, and the IHS on copper is looking fully formed this morning and ready to break up through the neckline just under 453. Altogether there's a good chance of bullish breaks up soon and I'll be watching those levels. Here's the IHS on copper again:

EURUSD has been stalled near 1.385 for a couple of days, but looks ready to make a move up to test the declining channel trendline in the 1.3975 area. This is a very important test, as at the same time USD should test the main support trendline there. If EURUSD breaks up I'll be expecting a move to the 1.48 area. If it reverses strongly, the next downside channel target is near 1.10 for EURUSD:

Silver is showing some signs of weakness at the moment, and we could see a significant retracement without a hit of my next upside target at 35.7. Longs should be on the lookout for a short term reversal:

I always watch the bond charts with interest, as they can say interesting things about market direction. I've been watching JNK, the junk bonds ETF, crawl up the support trendline from the March 2009 low for some months now and it finally seems to be breaking down from support. Negative divergence on the daily RSI has been building up since the start of 2010 and this might be an interesting short here:

It looks like we may see a large gap up today, and we might see SPX just gap and go from here. The obvious target on ES is declining resistance in the 1334 area, and if that is broken then the bulls should be back in control. Until it is broken the risk of another swing down still looks high.

AAII Sentiment Survey (by MacroStory.com)

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This week's AAII sentiment survey is relatively unchanged.  Those with a bullish outlook over the next six months rose to 36.8% from 36.6% the prior week versus an historic reading of 39%. Those with a bearish outlook over the next six months dropped to 33.1% from 36.1% the prior week versus an historic reading of 30%.  The divergence between these readings and the SPX continues to stay very wide and signals pending SPX weakness.

 

 

 

 

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