Slope of Hope Blog Posts
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Originally published on TheTechTrader.com.
Gulfport Energy (GPOR) yesterday broke out of a bullish flag that has been a pause in its steep, more than 50% upmove in October. A break of 34.11 would conform continuation of the trend, with a target area of 35.93 to 36.96.
Iamgold Corp. (IAG), which has been flagging this past week after a sharp move the previous week, yesterday broke through a double-top in the 22 1/4 area. A move through 22.52 should lead next to a target zone of 23.04 – 23.43.
Originally published on TraderHR.com.
If you didn't read my last post, please do, because I think it's pretty good. But I wanted to at least get a chart – gasp! – out there on my blog today. Here's what I think could be shaping up for the ES:
When most people hear the platitude that "anything in possible", they normally nod their heads in sober agreement. I imagine you think anything is possible, don't you? But I doubt you really do.
Most folks put a very narrow band around what they think is going to happen in the future. Think of the most lunatic notion that you can – – – that Bill Clinton will be the premier of China, or that Poland will be the first country to land a man on Mars, or that Anarctica will be the center of a massive worldwide war – – anything – – and you'll (probably correctly) dismiss it as folly.
But I live in a place where facts change at breathtaking speed, and anything is, indeed, possible.
Try very hard to imagine yourself in 1999, standing on top of a soapbox in the middle courtyard of this giant office complex:
A wild night on the futures. First the rising channel / bear flag broke down at 1225 and looked as though it would break down towards main 1190 area support today, then news came that the greek referendum was most likely cancelled and there was a wild recovery, with ES up over 30 points in five hours. News apart, the development now looks bullish for equities, with a higher low on ES and a possible W bottom made:
On NQ, a new low was made at a key support level and on sharply positive divergence. that now looks like a W bottom very similar to that seen at the October low on SPX. Declinng resistance from the highs has broken and NQ now also looks bullish: