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.
To those that went long after the bear trap since last week, congratulations because we tore the bears to shreds. (Editor's Note – AHEM) I don't know how many traders on other forums and their twitters, kept adding to their 3x leverage ETF shorts since last week, and getting absolutely crushed… Anyways enough of the rant because they might soon be right. In fact although I enjoyed all of last week and Monday's trading, any signs of a breakdown and I am out of my position.
As a chartist I try to read what my charts are telling me without much preconception of what I am expecting to happen. That's important as it's easy to just see what you want to see on a chart, while disregarding anything that doesn't fit with your view. That's one reason I check Pug's EW counts every day, as he's not only an excellent chartist, but he also reaches conclusions using methodology very different from my own, and while I struggle to ignore my bearish bias, Pug struggles to ignore his bullish bias. It's a good cross-check to help me keep an open mind.
Now Pug's main count at the moment is suggesting that we have made an important swing low, and his upside target for SPX for what would most likely be a multi-month rally is in the 1250 to 1300 area. That's a high target, and would not only take us past potentially strong resistance at the SPX monthly 20 SMA at 1208, but also potentially through even stronger resistance in the 1250-60 area.