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 on the charts below on the Dow 30, Dow Utilities, Dow Transports, S&P 500, Nasdaq 100, and Russell 2000 Indices represents three days. The current candle closed today (Thursday).
Each index is in a tightly-bound upward-sloping range, except for the Transports and Russell, whose range is sloping down. The current candle is a either a “Dark Cloud Cover”, or a “Bearish Harami,” which can signal a future bearish trend…the candle on the Russell is, simply, bearish…ones to watch for possible further weakness.
I was patient this morning, maybe a little too patient, because while the market gapped down at the open, and started trickling higher thereafter, I refused to go short anything until we filled the gap. I kinda, sorta thought we’d see the market head back lower after that, but what I didn’t expect was the immediate dump that we got. That caused me to miss out on a lot of short positions i was looking to choose from. So, instead of chasing them, which never seems to end well, I am waiting yet again. Namely on MBI – which in my opinion, is one of the best setups out there to take.
From the long side Alexion Pharmaceuticals (ALXN) is a brilliant long-term trending stock that has pulled back to convernging price support levels…. take a look for yourself.
Here’s the Lazy Trade Long & Short:
LONG: Alexion Pharmaceuticals (ALXN)
SHORT: MBIA Inc. (MBI)
Be sure to checkout Ryan’s Blog at SharePlanner.com
After the insanity of Draghi passed this morning, I glanced at my EUR/USD chart and was so shocked that I had the urge to strip off my clothes and dance naked in the front yard (I resisted the temptation, but believe me, it was strong).
The high for the day was precisely – TO THE PIP – where my horizontal support/resistance line was. It seems almost a statistical impossibility – – a pip is about the size of an atom – – but it's true. Even though I've been doing technical analysis forever, this kind of thing still fills me with a sense of awe.
My fondness for shorting skanky clothier Abercrombie & Fitch is well-broadcast here on Slope. The mouth-pleasure continues.
SPX closed down yesterday for the third day this week and we have a series of short term lower highs and lows, so as long as that lasts we are in a short term downtrend. On the SPX daily chart first decent support is still in the 1360 area at the middle bollinger band and 100 DMA, and secondary and main support is still in the 1335 SPX area if that breaks: