I have sought refuge from my electricity-free house at Peet's Coffee, where I'm having the best trading day of the year. It's also kind of fun, errr, people-watching. Onward, Slopers!
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.
Get Tweeted by Timmah!
I've been stuck at about 4,600 Twitter followers for a long time. I'd love to nudge this past the 5,000 mark. For any of you that have a Twitter account, follow me! I won't bombard you with nonsense. I usually just tweet when an important post is up or I have something pithy to say. Thanks!
Hunkered Down
There probably won't be all that many posts during trading hours today for several reasons:
(1) The market is – at least as I'm typing this – down hard, and that's going to occupy a lot of my attention;
(2) The overpriced dimwits at Palo Alto Utilities are shutting down my power for four hours, and I'll be doing all kinds of MacGyver-ish manuveurs to keep my trading systems running;
(3) There's no guest content in the hopper.
So you can occupy your time by clicking ads (which has been awfully sparse lately!) or chatting amongst yourselves. See ya later!
Buon Giorno!
Just a quick hello from Tim in the wee hours of the morning. Given Friday's peculiar behavior (down hard on wretched employment numbers, and a dazzling reversal in the final portion of the day), I was very curious to see what Sunday/Monday would hold.
So far, it's "holding" very little – the Euro and ES have been inching down continuously since Sunday evening's open, and as I'm typing this, the Euro is down over 1% and both the ES and NQ are deeply down double-digits (how's that for cheerful alliteration?)
Late Friday I had 64 shorts and 1 huge long. Thank goodness I decided to sell the long shortly after the closing bell. I have dozens more shorts of interest to me today to amp up that position.
Castaway (by Springheel Jack)
I'm having my cast removed at hospital on Monday morning and am graduating to a removable cast for my leg, which is healing much faster so far than I was expecting from my doctor's firm warning three weeks ago not to put any weight on it until tomorrow at the earliest. In practical terms I'm pretty certain I could walk on it now, though the ankle will need some careful physio I'm sure and I understand that the bone doesn't finish healing completely for about a year, so I will need to be cautious for a while yet.
I've ordered a blackthorn walking stick as I'm expecting to discard my crutches soon. These have an interesting history as they were adapted from the traditional Irish shillelagh after those were banned by the British occupiers a few centuries ago, and make an excellent weapon for home defence in countries where householders are allowed to defend themselves, which after some recent changes in the law here, now includes the UK.
Anyway, unless my hospital visit tomorrow is very fast, I'm not expecting to be back much before the open, so I have a couple of quick observations to make about equities here. I'm expecting some more retracement, though it's worth noting that SPX completed a 23.6% retracement from the June lows at the low on Friday and that it's possible this retracement is already complete. I'm expecting more downside though, and am expecting a low in the 1300 – 1326 range. There is a possible H&S forming with a target at 1304 and there's strong support at 1318 and 1300:
I think this retracement may last into Tuesday or Wednesday and I'm expecting new highs afterwards, so this is a dip worth buying in my view.
