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.

Another Decline in European Current Account

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Data released pre-market today shows another decline in the European Current Account, as shown on the graph below (courtesy of Rarely has it been above zero since 2005.


The important support level of 1.3 was breached overnight on the EUR/USD as shown on the Daily and 4-Hour charts below…another break and hold below this level could send price down to the next (confluence) support level around 1.277.


Watch Gold

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With asset correlation nearly 1.0 across the board, it hardly matters what you watch for guidance as to the market's general direction……….the Dow, the S&P, the Russell, crude oil, gold, silver, kitty litter……if one moves down, they all move down, with rare exceptions. (The only consistent odd-man-out, of course, is bonds, which have been strong all year and move inversely to equities).

Gold, I think, is a particularly good guide right now. It used to have this freakish property of being in a world unto itself, but I think it has basically decided to become the stock market. All assets are moving together, so watch gold – – if we get a path like the one below, the bears are going to have a medium-sized victory across the board.