Bizarre as it may sound, this is what happened in the stock market last week. Like a dog chasing the tail and going round and round. When the index fell in the 1st part of week, remaining bears started making noise. ZH was painting the town red with the news of coming Eurocalypse. And I was telling readers to wait and not to front run. I said repeatedly that trend change is not confirmed and whipsaw is expected. Technically the market was oversold to start with. Again, as absurd it may sound that while the prices were making higher high, the market was oversold, it was true. How can we expect a decent sell-off in such a situation? And not to forget, the cycles were showing a top due by March 6-9. Last I said, may be Friday, March 9 will be the fade date.
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.
Money Flow for March Week Two
Further to my last weekly market update, here is a summary of where money flow ended for Week 2 of March, 2012.
The Weekly charts below of YM, ES, NQ & TF show that the YM, ES & NQ all made a lower close than the prior week (with the NQ closing on slightly higher weekly volumes). The TF made a higher weekly close at a former resistance level. The NQ remains above its upper channel after this past week's retest. Price on the YM, ES & TF remain inside the uptrending Weekly channel…although the TF did pierce below the bottom of the channel briefly during the week.
At the moment, this uptrending channel is holding as support and direction for the Weekly timeframe. Secondary support levels lie at the middle Bollinger Band (12336 for YM, 1285 for ES, 2404 for NQ, and 765 for TF).
Not-So-Super Tuesday
Kirk to Scotty: “What’s the damage report, Mr. Scott?”
Scotty to Kirk: "Our defense shields are down after the last hit, Captain…and I don't know how long it will take to repair them…awaiting your orders, Sir…"
Kirk to Scotty: "Blah, blah, blah, blah, blah, blah, blah…yada, yada, yada!"
FAST FORWARD FROM THE 60's STAR TREK ERA TO FRIDAY'S GREEK CREDIT DEFAULT SWAP EVENT…and substitute "Kirk" with "Merkozy" and "Scotty" with "Draghi"…the words and message don't change…and, well, you get the picture.
SocialTrade Update – Nice Work, Slopers!
I've been pretty pleased with how people have embraced the new "Question" feature in the comments system. As you'll recall, if you have a question for others which is not time sensitive, you should click the Question radio button and enter it.
