I'm terribly busy, so I'll just fill the time with this favorite video of mine. Ted Neely isn't Jesus, but he's awfully close……..I've seen him in JCS live, and even in his 60s, he is a-ma-zing. Also, unless you are completely blinkered, I have a deeply-set martyr complex, so this kind of thing really appeals to my soul.
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 rarely have the time (or, frankly, interest) to look at every single comment that appears on this board, but even my cursory examination of the past few days shows me that there are a couple of bulls (and, deny it all they want, they are perma-bulls) that have been taunting us bears. I even saw one comment about my video, which I lovingly created and, as always, distributed for $0.00.
Today, suddenly, the bulls have gone silent. How about that.
In any event, I've made plenty of bad calls over the past 8 months, but allow me to say that the prediction I made late last week/this weekend has, so far, been breathtakingly accurate. Like – – Oh My God accurate – – so I'm making the most of it while I can. The question now, of course, is will the likes of AGQ (shown below) bounce given the sell-off or actually break to new lows. I, for the moment, have covered my large short positions but am holding 50 small shorts and am looking for more.
If this is just a counter-trend rally then we have now reached the obvious reversal area on multiple indices. A reversal here might however just be an overbought retracement on equities and wouldn't necessarily indicate a major reversal targeting new lows. On ES the resistance trendline I posted yesterday has held with a small pinocchio and there's both a small rising wedge and negative divergence on RSI to suggest a reversal here. On a break up the obvious next reversal area for a new high would be in the 1390 area:
NQ has also reached a resistance area and is looking rather overbought. A break to a new high would target the 2455 area:
I've had a few requests to start adding regular looks at the RUT / TF to my daily write-ups and I'm starting that today. TF has broken up through the resistance zone I was watching, but the broken and retested short term rising wedge, and negative divergence on hourly RSI are both promising for a reversal here. On a break up the obvious target area would be 878-880:
I've been watching copper carefully to see whether it could break up through strong resistance at 408.5. So far it is failing there and I'm expecting some sideways trading to hit declining resistance in that area. It's looking weak this morning though and if equities reverse today we could see copper test 390 support:
I'm expecting this silver bounce to peter out and fail well before making a new high and silver has hit the 38.2% fib retracement overnight. It could well reverse here, though there's no negative divergence on the hourly RSI yet to support a reversal:
Just a short post today as I've been having some computer issues this morning. I'm leaning short today unless we see a convincing break up. If we do see a convincing break up then I'd expect new highs on equities across the board in the near future, though new highs on commodities would still look extremely unlikely.