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.

Gold is Getting ‘Fixed’

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Dear SOH, hi, it has been a while.  It was no use writing on the blog of a 'gold hater' like Tim 😉 and puffing up my plumage as the barbarous relic soared toward $1900/oz.  It is much better to do so during some serious carnage and questioning of the 'play'.  A deflationary event that I expected in the summer of 2010 (until the primary indicator, a gently bottoming gold-silver ratio {GSR}, was blown up by QE2), is finally upon us, complete with an impulsively rising GSR, which has broken out of a strong resistance zone we had been watching.

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Get My New Book for $0.00

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First off, I got a note from the T-Theory Foundation (www.ttheory.com)that the FAGIX/VUSTX chart was a creation of theirs from years ago which they call the T Theory Confidence Index. I've heard nothing but good things about Terry Laundry's work, so I wanted to mention it here, since I didn't realize that's where the idea came from in the first place.

Second, I got a pleasant surprise this morning when Tom Sosnoff of the new firm Tastytrade.com told all his listeners that he would buy any of them who signed up for their service today a free copy of my newest book. The book retails for $90, and signing up for Tastytrade is only half that price, so it's a pretty unbeatable deal.

The basic idea behind signing up for Tastytrade is that you get 50% off a whole slew of trading products, not the least of which is brokerage commissions. So if you're using Ameritrade, optionsXpress, TradeKing, or a whole slew of other places, you can get a half-off voucher for your trading.

Don't worry, I'm not touting this for any other reason than I'd love to get my book out there; it's not like I get a free Chai Latte for every subscription they get or anything. I just think it's a pretty damned good deal, and thanks, Tom, for buying my book to promote your new site!

0926-tasty

Big Support Hits (by Springheel Jack)

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Another interesting overnight session but I'll post charts for SPX, NDX and RUT today as well as the charts for other important markets. The overnight session is looking sharply higher at the moment and for a number of reasons I'm wondering about a strong move up. I'll explain more about that later on but here's the SPX 30min chart for the moment, showing the rough broken triangle there. There's some positive divergence on the 30min RSI (often a good indicator) and the obvious retracement target would be a retest of broken support in the 1170 area:

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Wild Night

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This will be quick, as I just wanted to put up a comment cleaner. I'll update the blog with Jack's post once it's ready.

It's 4:30 in the morning as I'm typing this. As some of you will recall, I went into the weekend with a 50/50 portfolio (that is, half bullish, half bearish). In spite of this even split, hope strategy (and hope) was that we'd kick this week off with a nice rally to start our climb to 1170 (or a little higher).

Once I went to bed last night, it seemed like the initial push I saw Sunday (up about 14 points on the ES) was in bad shape, as most instruments were heading into the red. I was rather concerned about what I'd see this morning.

I was pleased, therefore, to see the ES a good, strong 20 points (and remember who is typing this; normally I would find this kind of thing pretty discouraging!) So, in short, things are going just as I hoped.

I imagine I'll be augmenting my longs (NFLX being my favorite of the 25 positions right now, up over 5% pre-opening) so turn that 50/50 split into something more like 75/25.

My sympathies to any precious metals bulls out there. I'm astonished at how fierce the kooky free-fall is. So much for safe havens.