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 markets are very sensitive to Europe at the moment as we all know. Just this morning we've seen ES move up ten handles on news that Berlusconi might be forced out tomorrow, followed by a sharp six handle fall when he denied the rumor. It looks like he might well be forced out in any case tomorrow though which looks positive as far as it goes.
I mentioned on Friday morning that I'd feel more confident about an extended bounce once ES broke 1260 with any confidence, and that's still the case. Until that happens this bounce may well fail and we might see a drop to break last week's low and test 1200. The hammer candle on the SPX daily for Friday's inside day wasn't bullish, though SPX is still holding the 20 SMA, which is the middle bollinger band, and that's positive as far as it goes:
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Bank of America (BAC) – seems to found support at the low $5 range. It has been trading in a choppy sideways fashion since then and rallied close to 40% off its October low. It continues to rank well in our stock ranking model (8 of out 3,517)