Slope of Hope Blog Posts
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Part of the current NASDAQ strength is from Apple clawing its way off its devastating drop, and Ive already seen a lot of chatter about what a fantastic bargain it is at these prices. I recognize that with a P/E of merely 10 it seems like a great steal, but as a chartist, my view is that it's going to get no higher than about $504 (in order to not only fill its gap but also cause a sigh of relief that there's a "5" as the leading digit on the price) before it swoons to new lows for the year.
Look, I realize that bears that live in glass houses shouldn't thrown stones, but I've got to say this: earlier this morning, I got word from a well-known financial publication that they had issued a special interim report stating – – just as their two prior interim reports had, in the two prceeding months – – that it was time to short the bejesus out of the stock market.
I've marked these report-points below. Let's just say, as much as I'd love the market to drop steadily for the next 60 months to $42.82 on the Dow, I am not particularly encouraged by the latest "interim", which has lately become a monthly event.
For my own self, I remain completely short, although the damage isn't as gut-wrenching as one might fear: I'm down 0.21% today as of this writing, versus the market being up 0.61%, so I can live with that.
Another inconclusive day on ES yesterday and it is looking very compressed this morning. I have some increasingly shaky looking trendline support in the 1505.5 area, the 100 hour moving average is short term support in the 1503.75 area and main support and resistance are still in the 1491 to 1511 band. I’m still leaning short: