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.
Each candle represents 3 days on all of the charts below of the Major Indices…the current candle will close tomorrow.
You can see they're in a tight upward trending channel (which is intact for the moment), with price action swirling around the 50 sma (red) since mid-May. Resistance remains overhead from April/May. The exception to this is the Utilities Index, which is well above its 50 sma, with near-term resistance from mid-June…and one to watch for evidence of any damaging weakness entering that may spill over into the other Major Indices…otherwise, I'd expect this channel to hold.
I see that Facebook's first quarterly earnings call is going to be next Thursday. That should be an interesting one, to say the least; you can imagine all the pressure on the company to create a miracle, since pretty much all public shareholders are looking at a loss right now.
I decided to take a glance at the social media companies, which I hadn't done in a while. Of the three that interested me, I think all three had a new lifetime closing low today (and it's not like the market collapsed; the market is being propped up by TPTB like mad; one glance at an intraday chart makes that obvious). So, for your schaudenfreude pleasure, here you are:
As some old-time Slopers know, I've been online for a very long time. I was plugged into CompuServe back in 1981 via a 300 baud modem, and I've been participating in – and creating – online communities ever since.
I confess in my middle age-dom that I am feeling increasingly out-of-touch with the online world. Although I have a Twitter account with over 7,000 followers, it's apparent to me that I'm not really clear on how to build up a large audience in this medium, since the most completely random people have drastically more followers through some kind of magic that, I'm guessing, has something to do with how many people they're following themselves.
Right before I went long on Krispy Kreme Doughnuts, I happened to see the "Hot Doughnuts Now!" sign lit up like Christmas. Secondly, my appetite was begging for doughnuts, and lastly, the market always give good trades on one's birthday. Need I say more…? In fact I do – I need to order me one of these KKD sandwiches (could this be the first time Heaven has ever been served on a plate?).
All kidding aside though, I often times get suspcious of the run-of-the-mill breakout play, but this particular one has some strong positives working in its favor:
– Strong base put in over the last couple of months
– Encouraging signs of volume so far today
– Clear breakout level at $6.61 signifying the breakout level for the stock, with two favorable price targets that exceed the risk being taken.
Here's the KKD Setup.
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