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.
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I've never had the misfortune of enduring Chinese water torture, but I'm vaguely acquainted with the concept: a person is immobilized underneath a source of water which drips at random intervals. The uncertainty of knowing when the next drop is going to fall is supposed to be maddening.
Well, I think I can vouche for the mental effect. The "headline risk" from the Euro-clowns has been persisting for months now. I believe I read this is the seventeenth – SEVENTEENTH! – meeting of the big-wigs to "cure" the Euro-mess. Rest assured, there will be an eighteenth.
As I set out to construct another ton-of-charts-that-should-be-a-video post, I'll offer another Peeve Of The Week.
This time it is environmental sanctimony. None other than George Carlin put together what I think is the best argument against gung-ho environmentalists in this hilarious but all-too-true clip. Now, I'm not tossing trash out of the car or setting forest fires. I own a Leaf, I recycle, and I do other "basics" to be a reasonably responsible citizen of Earth.
Based on my intraday pattern work, nearby NYMEX Crude Oil should roll over again and press towards 90.10-89.80 next. Should such a scenario unfold, then I will be interested to see if oil closes beneath 90.55, which its 200-day EMA. That level was hurdled on Monday, but violated again on the downside today (perhaps).
Furthermore, let's notice that oil has come off sharply from its confrontation with the upper channel resistance area at 94.50. The power of the weakness since yesterday suggests strongly that oil could quickly traverse the width of the channel — into the 88.00-87.50 area — before we see a resumption of buying interest.
Originally published on MPTrader.com.
This is just a "hmmm….interesting" kind of thing I saw. The last couple of times the market bottomed, the trendline drawn below on the ERY (the triple-bearish ETF on energies) was tagged perfectly. If the hallowed day arrives that we start to fall in earnest again, I'm going to be watching for a third tag of this line as a signal to cover and go long.
Whipsaw city, man. Just incredible. Lots of vomiting going to happen on both sides today.