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.

Rising Channels (by Springheel Jack)

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That was a nice looking IHS scenario on various indices on Friday morning, but realistically it’s not going to happen. Technically it still could, as ES isn’t currently much above Friday’s highs, but the problem with it now is that SPX moved clearly up from support at the middle bollinger band on the daily chart on Friday, and we most likely won’t now see a retracement below there (1315 area today) before SPX hits either the upper bollinger band (1352) or the triple resistance area at 1357-8, which has the April low at 1357-38, the 50 DMA at 1356.92 and the 100 DMA at 1358.02. I’m treating the 1357-8 area as the most likely upside target if this is just a rally:

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This is What One-Eighth Trillion Euros Buys You

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Well, ya'll did it again to me, didn't you?

This weekend, the chorus of hoots and hollers about the explosive rally coming on the Euro was deafening, and the guffaws about "Risk On" and smirks about my EUR/USD short were omnipresent.

I mean, good God in heaven, even ZeroHedge is screaming about a huge EUR/USD rally because of the record short interest.

Maybe. Maybe not. All I know is that for the first time in a couple of months, I woke up at 4 a.m. filled with worry at what I would see on my iPad, and instead of an explosive 2% up-move in the EUR/USD, I saw this (with the arrow marking the peak of "gee, Tim has a big short on the Euro, doesn't he?")

0610-failure

There is no welfare queen in history that can hold a candle to a bull. They depend on government hand-outs and bailouts for their success. These are the only tools they have left. Real economic growth isn't going to happen for years. Thus, bulls rely on artifice to synthesize success.

But perhaps the world is beginning collective realize that their lies have no substance, and that bailouts aren't the basis of prosperity.

I am a lonely bear surrounded by a world of liars and thieves, thus I remain cautious. But, at least for the moment, at least the bulls have been denied their mega-Monday rally that they were clucking about so mercilessly all Sunday.

One-eighth of a trillion euros created a rally that was vaporized before the market even opened in the United States. That money will never be seen again, and it's just going to make my long-held targets on the EUR/USD happen with more ferocity.

So keep asking for your bailouts, bulls. The world is changing beneath your hooves.