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.
Emerging Markets Trendline Break
Bottom of Lower Range
Well, I'm not the least bit surprised the lows of the day were established very early on. As I've pointed out multiple times, we're in a wide range (1350 to 1390) split into two parts (1350 to 1370 and 1370 to 1390). These are rough figures, obviously, but within 2 points plus or minus in any direction.
I'm pleased how I traded this morning. I sold my GDX puts, covered my SPY, MDY, and GDX shorts (as well as various and sundry others) and otherwise tightened up my stops. My little options account has grown 40% in the six days I've been trading it (although this is obviously a "flier" account and has nothing to do with my real portfolio, which is wayyyyyyyyyyy more conservative).
My intermediate-term goal remains something close to 1300 (maybe even a skosh below), but for now, I'm taking things nice and easy. It would take just ONE event – – like, oh, say, an AAPL surprise – – to smack the bulls upside the head and get us under that 1350 level. But that event hasn't happened yet, and I'm not going to get aggressive until it does.
Contraction in Europe
Data released on April 23rd shows contraction in Manufacturing and Services in Europe, Services in France, and Manufacturing in Germany, as shown below.
World markets are down hard as I'm writing this during market hours Monday morning.
Equities Looking Weak Here (by Springheel Jack)
I posted a possible bear flag on the ES 15min on Friday morning. It broke down during the day and has played out to within a couple of points of the flag target overnight. We might see a bounce here with some positive RSI divergence on the oversold 5 & 15min charts. If we see that then I have short term declining resistance in the 1367.50 area and that would be the initial target:
