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.
Yet again, the bears stumbled mightily during the final hour of trading.
As Jason Goepfert of Sentimentrader.com stated, “The late-day rebound saved the indexes from suffering what could have turned into a relatively large down day. That marks day #30 so far this year without a 1% down day, the 14th-longest streak since 1928.”
It is expiration week, so moves like today’s are to be expected, but the price action today was indicative of the last several weeks – down at the open rally towards the close.
The bottom-building processing in natural gas and its related ETFs continues. The ProShares Ultra DJ UBS Natural Gas ETF (BOIL) pattern begins to round to the upside towards a confrontation with its Jan-Feb resistance line, now at 13.95, which if hurdled and sustained should trigger upside follow-through directly to test the prior rally peak at 14.55 (hit on Feb 7).
Right now, my near- and intermediate-term work argue strongly for upside continuation and acceleration. That said, the patterns and anecdotal evidence are potentially so bullish that I am expecting the next up-leg to be accompanied by a fundamental catalyst that is so compelling from the long side — and such a game-changer for the shorts — that the latter group has to cover and perhaps reverse its polarity.