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Hello everyone I'm KC Scott and I'd like to start by thanking Tim for allowing me to share my thoughts with you fine folks. I've followed Slope for quite a few years and am always impressed by the quality of the content and your responses. This is a very smart blog and I'm proud to contribute. (Editor's Note – I was also delighted to see Scott escaped the clutches of IBC to the gentle world of Slope; we welcome him heartily – Tim)
For my first post, I thought we would talk trash – and how it relates to US Economy
I just listened to an interview with Economist Michael McDonough from Bloomberg Briefs over at marketplace.org. McDonough offered a theory regarding the correlation of the amount of Trash hauled via rail to the Health of the Economy. He also offered the accompanying chart which tracks how well his indicator has performed since 1994.
I haven't done anything of note yet today in terms of adding or subtracting from my portfolio. I did come oh-so close to getting stopped out of ARUN – but before I could stop myself out, it bounced quite nicely. So now my stop-loss for ARUN is now $17.08 just below the day's lows.
As for the two trades below, you'll want to temper you position size in the SMFG setup as it is a bit more gappy than I'd prefer, and also a lower-dollar stock. Nonetheless, the volume in it lately is soaring and going to hit some heavy resistance.
On GGP, I've noticed quite a bit lately that the long-term up-trenders that begins to bull flag at the highs, have done very very well – and this particular play provides another one of those opportunities. But wait for the entry to come to you.
Another day, another lurch higher in the market. What a shock.
In spite of the Euro getting its butt (relatively) kicked, the market continues not to care. As I type this, the IWM and QQQ are both up, and in my estimation, a key reason for NASDAQ's insufferable strength emanates from Cupertino. Apple has made yet another never-before-seen high in its three decades as a public company.
This is a very clean breakout, with a measured target of about $735. If this turns out to be the case, it means more suffering for long, long, long-suffering bears. If, by some miracle, this breakout actually breaks down, it will provide some much-needed relief for the ursine set.
I've been spending a lot of time looking at TLT over the last few days, and that's because while we have been seeing some interesting things on equities, the really important looking moves have been on bonds. If we see a really significant meltdown on bonds, and we're not there yet but we might be watching the start of that, then that has potentially big (upside) implications for equities. On the TLT 60min chart the H&S target was made yesterday, but there's nothing on the chart to suggest that a reversal is close as yet: