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.

The Apple/Market Connection

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Friend-of-Slope and good buddy of mine Serge has been on a tear lately. He shorted a ton of silver and gold and almost the exact top (covering yesterday morning, and then going long!), and he's the only other blogger I know who irks me because his eye is so good.

Yesterday he emailed me a fascinating chart of how AAPL is, historically, the last stock to puke before a full-blown market collapse. AAPL is still, incredibly, over $400 per share, and it is universally regarded as the stock that will never go down (hell, even *I* dont' touch it).

But the simple fact is that when – – not if, but when – – AAPL finally starts falling, it is going to wrap its gigantic hands around the stock market and pull it into the icy depths of the Pacific Ocean with it.

0927-aapl_spy

Fish, Meet Barrel

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The kind of bounce we've seen over the past two days is what bears dream about. Now, it is very, very, very hard to feel comfortable shorting when everything is sky-high up, but that's where great prices come from.

It's up to you, as always. For myself, I'm a lot more comfortable shorting now than I was on Friday. There could be more lift to go, sure, but this has taken a lot of the risk away for the bears already. There's nothing simpler than talking about your shorts when the market is getting hammered. Actually establishing positions in the face of a bullish rampage is what separates the bears from the cubs.

0927-indu

Bouncing Hard (by Springheel Jack)

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I'm going to concentrate mainly on equities today, with quick looks also at gold, treasuries and AUDUSD. On the SPX 30min yesterday's close wasn't yet at broken support in the 1170 area, though with ES now at 1174.5 as I write, we may well gap over that at the open. Worth noting is that no bounce since the August low has ended without hitting the RSI 70 line on the 30min chart:

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