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.
Obviously there was no bounce of substance yesterday despite the very promising setup in the morning. SPX closed up on the day however just above the lower bollinger band. If that continues today into a strong bounce then the obvious targets are the 50 DMA at 1435 and the middle bollinger band slightly higher:
Is the Fed's plan to boost real estate values about to go awry…?
(Visit Panzner Insights for more on markets, economics, and geopolitics.)
Well, I've never had such an eventful bathing-of-a-dog. When I left for my canine duties, the floor was falling out of the market and there was chatter about AAPL opening at $585. Now that my dog is his clean, white, fluffy self again, things are down only a little and AAPL is down a skosh more than 1%. In other words, there's one ticker symbol with meaning right now, and it is BFD.
All the same, the volume leaders in after hours trading aren't exactly setting the world on fire, and let's face it, at least Apple didn't blow the doors off! I do feel sorry for those with AAPL puts, however, who probably had dollar signs ka-chinging in their eyes, only to be utterly disappointed at the present bid/ask.
MA is setting up to offer a very nice R/R short on a break below this very extended ascending channel. Negative divergences were put in place on what looks to be the final Draghi/Bernanke QEternity pledge induced thrust to new all-time highs in the stock. Note that there is a decent shelf of support
just below the channel around the 445.80 area so one might consider
shorting a 1/2 position on a breakdown of the channel, adding the other
1/2 once that support level goes. Stops TBD once the short entry is
triggered (a break below the channel). The weekly chart below shows
just how overextended MA has become this time around as well as the
clear pattern of sharp corrections following the breakdown of these
ascending channels.
