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.
In addition to my ability to vibrate my eyeballs, I'm also really good at seeing those weird "magic eye" pictures that were popular in the early 1990s. Here's one for you now, although you should click on the image to create a big pop-up since it's much easier to see that way. I am doing this to occupy you while I think of something meaningful to say after this insane day we just had!
A look at the pattern developing in Amazon (AMZN), which is one of my indicators for the QQQ and the QID. My near- and intermediate-term pattern and momentum work is warning me that AMZN is in the midst of a significant correction that projects into the 210-205 area prior to completion.
Today's reversal from 234.50 represented the end of an intervening rally that separates two corrective declines. As long as 234.50 is not hurdled, rallies in AMZN should prove to be headfakes prior to the completion of its correction from the Sep 20 high at 244.30 to the next optimal target of 210-205.
Originally published on MPTrader.com.
It was only yesterday that I pointed out ERX (the triple-bullish ETF on energy) had hit its trendline. Since that post (denoted with the arrow), ERX went up nearly 20% – – I think that's about all there is to this move, short-term. But at least we now have proof that Slope has good bullish ideas as well as bearish ones!
Originally published on TheTechTrader.com.