Many of the traders and portfolio managers that I speak to are looking at the beleaguered commodity and industrial materials sectors as ripe for reentry on the long side. They're watching companies like Freeport-McMoRan Copper & Gold (FCX), U.S. Steel (X), Alcoa (AA), Walter Energy (WLT), Mosaic (MOS), Deere (DE), and Caterpillar (CAT), for example. However, my enclosed monthly chart of the China Shanghai Composite gives me pause about such a committment right at this time.
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.
This market has been nothing but a chop-fest and this definitely favors the bulls should this continue throughout the day. There is a ton of support at the 1120 level on the S&P and you can clearly see the buy machines come on strong every time that level is tested. Once the bears can close below that level though, it should make for a nice windfall to the downside.
From my post of September 13:
…and the result…
Proving once again that profits delayed are not profits denied.
Friend-of-Slope and fellow blogger Serge send me a chart this morning which is, as so many of his creations are, a thing of beauty. Here it is:
What he's laid out here is not only gorgeous from a charting perspective, but it lines up beautifully with my own price projections and the events that are swirling in the world around us. Thanks, Serge; I'm prepared to become boldly bullish sometime this month!