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.

Sigh of Relief

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OK, that's over. Thank Jesus (odd as that might be to utter, given the FOMC is involved). They didn't announce anything meaningful.

My disposition is as follows:

+ Took profits on longs earlier today (DV and AIR being particularly handsome);

+ Threw all remaining longs under the bus after the announcement;

+ As of this writing, I am 100% short, but only 35% committed. I am lining up new bearish positions that I'll enter slowly later today once some of the dust clears.

+ I covered my GDX and FXE short positions for nice profits and took profits on my GDX puts. My options account is all cash now.    

+ IMPORTANT UPDATE– – the market is acting surprisingly robust in the face of this news. I have re-entered a series of carefully-selected longs, mostly centered in the energy sector. I am still mostly short, but not purely bearish anymore.

I am personally relieved, and I feel the chains have been unshackled from me to trade freely again. At least until the next time these doofuses have something to say.

0620-free

In the Heat of Battle

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I can't promise much in the way of beautiful expository writing today, at least until after the close, as I am hunkering down for battle with the World's Most Evil Man, Benjamin Shalom Bernanke (and his hideous lapdog, Janet Yellen).

At the moment, I'm pleased with my day – up 0.25% in the face of a totally flat market, and that's with way over 50% of my portfolio in cash! So my carefully-selected longs and shorts are doing their job.

If guest posts arrive during the battle, I'll try to get them posted, but no promises. The comment thread could get John Holmes-lengthy.

As Captain Miller said: "I'll see you on the beach!"

0620-ryan

Very Bullish Pattern Setup (by Springheel Jack)

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I gave three targets for the bulls yesterday and they were to break rising support on Vix just over 18, to break over the IHS neckline at RUT at 776, and to break over resistance in the 1357/8 area on SPX. Vix broke support and retested it, closing at the trendline, RUT broke over the IHS neckline to close at 886, and SPX broke over 1357/8 to peak at 1363 and close just under 1358. I have to say that was impressive and the short term pattern setup here is unambiguously bullish. 

Many tops or near tops are being called this morning across the blogosphere, and equities are significantly overbought short term. Is it possible that we are seeing a top here? Of course it is, pattern setups are only ever probability setups, but as I said on Monday, of the five decent IHS setups like this one since the start of 2009, including a 17% fall in 2010 and a 21.5% (technical bear market) fall in 2011, all five made target. 

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Last Time I’ll Ask. Promise!

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Slopers have been very helpful giving me some guidance in choosing which of the nearly 200 submissions I received would make the best logo for SocialTrade. There’s a pretty major news article appearing about the site in a few days, and I’d like to get things spruced up before then.

I’ve narrowed down the huge list of submissions to five choices. Could you please check off which one of these is your favorite? Please consider it carefully, because your vote makes a difference. Thanks!