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.
The best thing that happened to me today was that I successfully renewed my driver’s license. Yes, the bar was set that low. After all, when one’s profit peaks a few minutes after the opening bell, and by the closing bell one is looking at a small loss, well, that pretty much sucks the wind right out of you. So knowing I won’t have to visit the horrible DMV office for another six years is the thin reed on which I am hanging today’s happiness.
The thing that tatters my tulips (OK, I just made that up…….) is how equities have completely ignored the slumping Euro which should have, in a just world, dragged stocks right down during the past two months. This is the kind of gloriously melting graph that makes me beam:
Originally published on TheTechTrader.com.
If there was a way to strangle a monitor, I’d be surrounded by dead monitors right now. It’s all because of one chart, comparing the EUR/USD for the past 120 trading days with the @ES:
As you can see, for about the first half of the chart, the @ES cheerfully followed the EUR/USD higher.
But somewhere around the time I’ve tinted in magenta, they disconnected. The EUR/USD has been in a bear market for two solid months. Equities, however, have merrily pushed higher, utterly oblivious.
What scares the hell out of me is that the EUR/USD looks like it may be ready to bounce. If equities can’t fall in the face of a collapsing Euro, what are they doing to do if the Euro strengthens?!?!?
There needs to be a stronger word for a combination of “frustration” and “disappointment” than I can conjure up right now. The decoupling above is a heartbreaker.
Yesterday I shorted Best Buy (symbol BBY) at 22.68, and I’ve got a stop at 22.74. I think this bounce is out of gas.