January’s rally was admirable.
Its perseverance frustrated bears.
The infrequent single day declines maxed out at -0.6%.
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.
How YM, ES, NQ & TF Closed in January, 2012
Below are 5-year Monthly charts for YM, ES, NQ & TF. All four e-mini futures indices closed in between their upper and middle Bollinger Bands on this timeframe. The YM and ES are in the thick of resistance, while the NQ has broken above, and the TF is approaching overhead resistance. Bollinger Bands are beginning to tighten slightly on YM, ES and NQ, suggesting a possible reversal of the advance at some point. Price has closed above the 5-year Volume Profile POC for all four e-minis. Volumes were lighter this month and have declined steadily since peaking in August of 2011. My very short-term RSI indicator is nearing overbought conditions for this timeframe.
Outstanding History Book
I just finished reading one of the best – if not the best – history book that I’ve ever enjoyed. Its name is Freedom Just Around the Corner, and it covers U.S. history from 1585 through 1828.
This book truly brought to life this huge span of American history for me. I learned a lot about the complex relationships between the original immigrants to America, Canada, the French, the native Americans, and Britain. It opened my eyes to the various legal documents that established our country as well as the balancing act between the Republicans and Federalists of early America. It helped me understand what an amazing achievement it was to traverse into the original North American wilderness and tame it.
This blog is obviously not about history, but the subject is a favorite of mine, and I just thought I’d share a strong recommendation for those of you who are into this kind of thing. It’s a terrific book.
Euro Chicken Scratch
As a companion to my posting yesterday of the GDX chicken-scratch, here's another poultry-created masterpiece: a trio of Euro drawings with my best attempt at marking the "matched" points of this analog. The charts speak for themselves. Whether or not this pans out a third time remains to be seen. So far, so good, though…..
House Prices Still Under Water
Data released today shows that house prices fell from the prior month's level and still remain in negative territory, as shown on the graph below. Since it's a "leading indicator of the housing industry's health because rising house prices attract investors and spur industry activity," the weak price levels just confirm the depressed state of new home sales, as mentioned in my post of January 26th.
