Josh (The Reformed Broker) did a post at the start of this year on which I commented. He was spot-on.
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As anyone remembers when working on their own cars before they became computers knows the old sage “If it ain’t broke, don’t fix it.” So why are the media channels full with tantalizing teasers to make sure you’re tuned in to hear how once again a problem that has supposedly been solved 375.83 speeches ago is in need of another speech to tell everyone it’s once again solved?
For quite awhile now I have written (some might argue pontificate) that the Euro crisis has never been settled regardless of what has been expressed throughout the financial media outlets. I can not help myself but to break out in sheer laughter when someone argues with either myself or in a discussion with the talking heads on television that the crisis has been averted. Or as one buzzer banging commentator used to say “That issue is off the table!” I say to that...”Really?…Oh Really?”
I've been watching Sonic (SONC) and I've gotta say, there are few short setups that I like better than this one – that descending triangle that has formed is picture perfect, and I'm taking it short at $9.74. The Power-One (PWER) trade also looks inviting from a momentum stand-point, but right now, I'm more interested in waiting for the FOMC statement to pass first before jumping in long on it (if the setup still works at that point).
The SPX looks more like another day of chop – once the FOMC statement rolls around watch to see whether we can take out the day's highs or lows. If we sell-off, I'd avoid any new long positions.
Here's the Trades:
LONG: Power-One (PWER)
SHORT: Sonic (SONC)
I have never fully grasped the nature of the culture on Twitter. I am proud that I'm at just about 7,500 followers, but my number is dwarfed by those who seem to type nothing but nonsense. I just shrug it off; I'm happy for the world to pass me by in this respect.
I was reminded of this earlier today, since ZeroHedge linked to the term "$up". Out of curiousity, I clicked it and was presented with what I normally see when I venture anywhere outside the financial blogosphere of Twitter…….a bunch of ghetto-moron-slang-crap:
Very choppy day today and I don't expect to see much different as we head into the FOMC Statement tomorrow. For now, here are two great long and short setups that provide ideal risk/reward opportunities.
The AMZN chart looks stellar to the upside as it pulls back to its previous breakout level, and a breakdown in CRI is just getting started.
Here's the Lazy Trades:
Long: Amazon (AMZN)
Short: Carters Inc. (CRI)