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.
Each candle on the following charts of the 4 Major Indices represents One Quarter. The last candle represents Q1 of 2013 and closed today (March 28th, since the markets are closed tomorrow for Good Friday of the Easter long weekend.
You can see at a glance that the Nasdaq 100 has lagged the other three all year, so far, and is hampered by major resistance. The Dow 30 and Russell 2000 have made a new all-time high and closing high, while the S&P 500 made an all-time closing high today (however, its all-time intraday high of 1576.09 remains unbroken and is still serving as major resistance at a formidable triple-top formation and represents an opportunity for some cannibalization to occur, as I wrote about here.).
Well, we are a few hours into the new Slope, and things are going pretty smoothly. We’ve had a couple of tiny glitches, but those have been fixed. I’ve got some “real” posts waiting in the wings, but before we get to those, I wanted to say a couple of things.
First, one bug we had was that comments were not saving their preferred order; I think we have that fixed now. Please use the settings I am recommending below for the Optimal Comment Enjoying Experience.
Also, for you Slope+ users out there, I will be emailing you today about your subscription. If you try to look at Slope+ stuff right now, it’ll probably tell you to buzz off, because I need to entitle your account. Like I said, you’ll be hearing from me today so we can get that done; thanks.
Finally, if you see any errors, please email me. I’m reading comments, but I’m not going to catch every little thing in the comment stream. Just drop me a line if you see anything broken.
Welcome Slopers, one and all, to the new Slope of Hope!
Since the vast majority of you are well-acquainted with the old blog, let me point out some important differences. I’m going to leave this post up for a good long while so lots of people see it.
(1) The Slope and SocialTrade user databases have been merged into one, and to log in, just use your email address and your password. I say again: your old username has no meaning to the new database. Use your email address from now on.
Eight years ago, I was on a celebratory vacation with my family in Cancun. My wife and I had sold our start-up business, Prophet.net, a couple of months before, and now that we had tidied up all the loose ends, we wanted to go have some fun and spend time with our two young children.
My wife had been prodding me for some time to start a blog, but I thought blogs were just a fad. I finally gave in, and I wrote my first post on March 29th, 2005.
We typically have bars on Fridays, but tomorrow is a holiday (and I’m going to be making a big announcement, so be sure to come on by anyway!), so we’re going to do the bar today, courtesy of Doji Girl. It turns out that a friend of hers is a performing mermaid at this bar:
Here’s some video of the aforementioned friend in action……..
MS or Morgan Stanley is looking very weak and is venerable for a significant drop lower. Over the last week and month MS has been trending downards towards previous support at 21.78. The last few days MS has chopped around this level but has not tested it again. MS ‘s price action has formed two descending triangle patterns which are all dependent on a base at 21.78.
What make this level so important is that there is NO support below this level till 20.30 or about 6% lower and that support is even weak. The strong support is at 19.15 or 12% lower or 18.50 or 15% lower. The potential support levels are also right near the price targets for the descending triangles. Short-term MS has resistance at 22.33 which could be a litmus test to see if MS will drop below its support. A fail at this resistance level shows weakness in MS and sellers are in control and move high and MS in the short-term moves upwards towards 22.64. Of course longer-term it is very possible that MS can bounce off these levels again but a longer-term descending triangle is in play and MS would need to climb 6% and get above 23.50 for it be voided.
Keep a strong eye on this stock and watch for the break, if it does break it could signal lower prices for other financial stocks which in turn will put pressure on the market. This pattern looks very smilar to what is going on in EXPE and what occurred in AAPL.