The only meaningful short I had entering the day was TLT, and it's doing pretty well. I think the ZB contract is going to head toward about $146, now that support has finally been broken.
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.
Riding the Band (by Springheel Jack)
I was saying yesterday morning that we would either see a reversal at the daily upper bollinger band, or a series of small incremental moves up as SPX pushed the upper bollinger band up, and what we're seeing so far is the second option. This can last a few days though the ES 60min chart is looking a bit weak here. Here's the SPX daily chart:
Days of Destruction, Days of Revolt
I just finished Days of Destruction, Days of Revolt by Chris Hedges and Joe Sacco. It is superb, and I've spent a fair amount of time typing in passages from the book below in order to capture some of its theme.
The "me" of twenty years ago wouldn't be caught dead reading a book like this. It is, after all, an unflinching assasination of our present capitalist system. As a younger person, I was wholeheartedly (and more than a little ignorantly) devoted to a dog-eat-dog, lassiez-faire capitalist system. And, in my adult life, I have lived that way, at least inasmuch as I created, built, and sold a successful business and have, before, during, and after that time, been a very active participant in the financial markets (both by way of trading as well as writing).
Experience and observation have moderated my views, however. At the outset I will say that I still regard capitalism as the most proper, natural, and constructive economic system, but I'm a much firmer believer in a modified version – – consistently-regulated with a distribution of wealth more akin to the 1970s than the present day – – than I ever imagined I would be.
This passage from the preface of the book captures the pages that follow nicely:
The ruthless hunt for profit creates a world where everything and everyone is expendable. Nothing is sacred. It has blighted inner cities, turned the majestic Appalachian Mountains into a blasted moonscape of poisoned water, soil, and air. It has forced workers into a downward spiral of falling wages and mounting debt until laborers in agricultural fields and sweatshops work in conditions that replicate slavery. It has impoverished our working class and ravaged the middle class. And it has enriched a tiny global elite that has no loyalty to the nation-state. These corporations, if we use the language of patriotism, are traitors.
Long & Short: RHT & BAC (by Ryan Mallory)
Redhat (RHT) is setting up very nicely for a break out of the triangle pattern, and as a result I've taken a long postion in it at $56.19. On the short-side you have Bank of America (BAC) which might be surprising to some of you that I'm posting it again, after having just been stopped out of my short position on Friday. But actually, today, it looks even better for shorting than it did on Friday, and in particular the risk can be kept tighter.
Here's today's long & short:

