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.
Price has fallen and is trading around major support at 50.00 and the Momentum indicator is still above zero on the following Weekly ratio chart of RUT:RVX. A break and hold below 50.00 and the zero level could signal that a big decline is in store for the RUT.
A look at a 60 min (market hours only) chart of the Russell 2000 e-mini Futures Index (TF) shows that price is currently trading in the vicinity of its lower channel, Monthly Volume Profile POC (pink horizontal line), and Monthly VWAP (yellow). A break and hold below 900.00 could signal much more weakness to come, depending on whether we see increasing volumes on the decline (note yesterday's and today's volume spikes).
The completely-battered miners sector is bouncing, and I suspect it'll continue to do so to give precious metals some relief from all the selling pressure. However, the miners sector is chock-full of stocks that are begging to be shorted once the horizontal levels (formerly support; now resistance) are reclaimed, such as this one:
For now, I'm standing aside, but once the bounce is complete, it's time to short the living daylights out of such securities. Miners are doomed. Big time.
Price has fallen to just above major support at 95.00 and the Momentum indicator is still above zero on the following Weekly ratio chart of SPX:VIX. A break and hold below 95.00 and the zero level could signal that a big decline is in store for the SPX.
I'm mindful of my last comments on the VIX.
I have added Deckers Outdoor Corporation to my ridiculously long list of open short positions.
I've always had a strange disposition to this stock, mainly because I heard once that Oprah was the one that popularized this company's main product, which are those fuzzy UGG boots that some people wear.
The image of Oprah wriggling her fat, sweaty feet into the once-fluffy interior of a pair of warm boots, smearing bacteria all over its squalid interior, is unsettling to me. For this reason alone, it's worth shorting.
Just as I was becoming concerned that SPX would rise enough to unravel the very nice looking interim top setup on the daily RSI, we have finally seen the initial decline that should mark the start of the decline from that interim top. SPX closed on the daily middle bollinger band and it's just possible that the decline is now complete, but the odds favor more downside and I'll be talking about downside targets today, putting off my look at the resistance levels at the 2000 and 2007 SPX highs for a few days. Here is the SPX daily chart below showing the hit of the middle bollinger band with lower bollinger band support now in the 1490 area: