Slope of Hope Blog Posts
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Well, ever since dickhead the honorable Chairman Bernanke announced last Thursday that he would support his banker butt buddies with unlimited printing of money with absolutely no end date, people figured the US dollar would go to $0 and the S&P would go to 666,666.
Instead, not even a week later, the entire explosive rally fueled by the actions of this nation's greater traitor has been vanquished, as measured by the EUR/USD cross-rate. We at Slope all join in the anticipation of the ruination of this Satanic overlord.
Well, we did see a green close yesterday, and we
still have two more days to see the test of the high. In this day and age of
Qfinity anything is possible and team O&B may not like to see the market
red for too many days. It is now illegal to have red close for more than two
days in a row. However if we do not see
the test of the high by Friday and we see continued weakness, I would advise
caution if you are planning to go short. The cycles are up till around 25th-27th
September. After all, the test of high is only about 10-15 points away and
unless we have seen a failed test of the high, it is too risky to short.
That Bernanke put is reflected in the following chart.
The bullish sentiment is now reaching the danger zone but
not everything is extreme yet.
Yesterday, both bonds and equities were up. Gold and silver spent
the day hurrying up and going nowhere. But Crude gave sell signal. However,
given the geo political madness in Middle East, I do not want to take a short
trade on Oil. Thanks but no thanks.
Forbes also talks about gold:
If you remember, I had written before that I expect gold to
reach around $2500 in near future and I am waiting to get long gold again, now
that every central bank has started printing money and inflation will come
before they realize it. I am waiting for a good entry in PM.
Things may seem quite but it is churning inside and it is
highly unlikely that a triple witching week will be quite. It is time for
portfolio adjustments. So better be careful.
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The most important chart for direction today is the SPX 60min chart. SPX bounced at short term channel support on Tuesday and has been sort of crawling up it since. If it gaps under it at the open, which looks likely, then we might see a retest but the chances are that it would follow through on the downside soon. I'd be expecting a retest of the 1440 pivot today or tomorrow: