I find the ETF for financial stocks pretty interesting: long-term, the uptrend is quite clear, but in recent weeks, we’ve definitely been banging out a series of lower highs and lower lows. I guess the question is whether or not this designates a trend change or a continuation pattern. I’m ambivalent enough about it to simply move on to other items; there are plenty of other fish to fry. But I at least wanted to bring this to your attention, since your eyes might be better than mine! (more…)
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.
Steady as She Goes (Down)
I’ve mentioned McDermott repeatedly here, and I shall do so again; it’s a terrific-looking short, and I’ve got not only a short equity position but puts as well. (more…)
Two out of Seventeen
Whine alert!
I was just looking at the S&P on a quarterly basis. Since it looks like, yet again, we’re going to have another Fed-guaranteed “up” quarter for our precious bull friends, I was curious how many “good” quarters (e.g. real good slam-em-down events) we’ve have. The count? Two. Two out of Seventeen. Just over a tenth. It’s sort of like a tithe for the bears. (more…)
Testing Serious Resistance
I posted a SPX 5min chart on twitter yesterday shortly after the high pointing out the negative RSI divergence there, and that the high was an almost exact test of the daily middle bollinger band. I won’t use that today but you can see that chart here. On the SPX daily chart we can see that the high yesterday was a test of the daily middle bollinger band, the 50 DMA, and an approximate test of broken broadening wedge support. This is obviously a very significant confluence of resistance levels and the most obvious place to see either a retracement within a new uptrend, or possibly a rally high within a continuing downtrend. On a clear break above this area the obvious target is the daily upper bollinger band, now in the 1662 area. SPX daily chart: (more…)
Two Big Boys of the NASDAQ
Take a look at the chart of the QQQ below. The tone and temperment of the market changed completely on May 22nd. It divides the before-time from the after-time, and the change in character is so extreme that it’s hard to believe it’s the same market. (more…)
