One of the aspects of trading that I've learned, is that it goes counter-intuitive to everything that society admires and holds dear.
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.
More Weakness Potential for Crude
I came into the day short USO, and it's been down hard all day (a little over 3% as of this writing). Although it could get a little bit of a relief bounce, I think the stage is set for a move down to about $28 or so before it's all over.
Slope Tweets
Yesterday I was tweeted this mention that Slope of Hope was in the "Top 100 Tweeters of Palo Alto" (errr, I never knew there was such a thing). Yes, yes, this is the honor all social networkers around the globe strive to attain (ahem). Anyway, I'm beneath TED but above Tesla, so that's pretty cool. In the unlikely event you're not following me yet, it's just a click away! I'm approaching 8,000 users, and today I'll send out my 2,500th tweet. You may purchase whatever celebratory cake that you feel appropriate for this momentous occasion.
Waiting for a Break (by Springheel Jack)
Nothing much happened yesterday. SPX delivered an indecision doji on the daily chart that closed at the middle bollinger band for the third straight day, and TLT, TRAN and NDX all essentially traded sideways. There is quite a bit of potentially market-moving news today with the ADP Employment report at 8.30, the ISM Non-Manufacturing Index at 10, and an ECB meeting today. These ECB meetings have been pretty bullish lately, but with the Germans backpedaling in recent days on their earlier support for the ECB's statements that whatever was required to stabilize the Euro would be done, up to and including unlimited money printing by the ECB and direct support of stricken Euro members and their banks, the outcome of that meeting could well be bearish:
W.O.F +
It was a” hurry up and go nowhere” kind of a day. In the
morning, around 8.30 AM eastern I sent out this tweet: “GMA. Going to be like yesterday. Risk rally on old stories and fade
during the day. it has to break either way. Tiring” . Around 9.40 AM
eastern this tweet;” Cash SPX opened with
the same range of yesterday. Oil is selling off. PM sector is weak. We may get
some selling later”. Then we had our
little sell off and at around 12 noon eastern this one: “Well, we have the sell off and I think we are done for the day.rest of
the day will be Chop Zone.”
There were lots of other tweets but basically those three
sum up the day. More the reason you should join me in Twitter (@BBFinanceblog)
so that we can communicate real time market action.
Coming back to the market, 1st let’s take a look
at the daily chart of Euro:
