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.
I'm showing this video for three reasons:
(a) It's from 1984, an awesome year for me;
(b) These guys are having the most unapologetic amount of fun imaginable;
(c) They did the video on a $500 budget, which I respect, since I'm a cheap s.o.b. thrifty
Anyway, I'm going to get a Christmas tree right now and think about what to write later today. It was a really interesting day, to say the least. See ya!
So my analysis from last night is a little "behind" the look of the start to today, but the bigger thesis is still fine. There will be plenty of doubters of any rally, but if you look at the charts, the rally makes sense as we are "now" finished a normal 61.8% market pull-back.
The bigger targets from my earlier blogs are still valid, so let's look at the near term resistance levels and what the bounce may look like over the next couple of days.
I was amused this weekend to read again the wonderful phrase 'return-free risk' applied to sovereign bonds in Europe, which is a better description for sovereign bonds generally nowadays than the 'risk-free return' that used to describe these in days when interest rates were higher and government debts were lower.
King Arthur: Merlin! I've just recalled what Merlin said to me. How wondrous! How strange! Merlin said you would be the greatest knight to sit at my table. But that was long before I had thought of a table. So he knew it would exist. And I thought he meant a dining table! But he meant the round table. So I have stumbled on my future! I have done the right thing!
Lancelot: Did you ever doubt yourself, your majesty?
King Arthur: Of course! Only fools never doubt!
I rarely pre-empt Springheel Jack's morning posts, but I'm going to make an exception on this exceptional morning.
I spent Friday, Saturday, and Sunday (until the open) wringing my hands and pummelling myself with self-doubt at my decision to cover all 72 of my short positions on Friday and go long. I've got to say, I've never been so happy to see the market exploding higher on a Monday pre-market morning. The only thing I am short is bonds, and they are falling hard.
I was right to recognize the topping pattern and short the market.
I was right to cover my shorts on Friday.
And I was right to go long.
This is a very good feeling. I like it. I like it a lot.
And I like it even more since this is the first big step toward prices at which I will short everything under the sun with unmitigated glee.
In the meantime, I am delighted to be a government-subsidized bull, suckling at the teat of universal welfare-for-whiners, basking in sparkling glow of bailout beams, and awaiting the opportunity to rip off my false costume and reveal the snarling, furry, inexplicably-loveable beast that I truly am.
Have a good day.