I sound like a broken record already, but the market came right down to our support region many times yesterday and last night, but held each time. And, of course, this means that without breaking support, we are looking higher. For today, the 1695ES Fib region is the first level of resistance, followed by the Fib cluster in the 1701-1704ES region. We need a break down of 1687ES for the first signal that wave iv has begun. (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.
Bullish Consolidation for Gold – Mike Paulenoff
Spot gold is holding its recent gains exceptionally well and in fact looks like it is either carving out a high-level bullish consolidation area between $1340 and $1325 OR has already completed a minor pullback from earlier Tuesday at $1326.55 and embarked on a new up-leg. (more…)
If It’s South, Short It
Of the equity ETFs out there, I’m particularly focused on shorting those south of the border. Two of my favorites are below. I’m especially enamored of Mexico’s ETF, symbol EWW, since I entered a big short position on it before the close yesterday and it’s been off to the races all day. As for the title of this post, there are a lot of old memories kicking around my head from my misspent youth. (more…)
Bear Goggles
I don’t know whether there’s an equivalent term in the US, but in the UK the term beer goggles describes the process whereby drinking a sufficiently large amount of alcohol can magically transform otherwise uninteresting members of the opposite sex into interesting and highly attractive people. The effect is temporary, but can be very strong. (Editor’s note: it’s the same here, Jack!) (more…)
GO TO MTG?
MTG announced a pretty wild earnings surprise today and this beaten up and “left for dead” stock ran out of the gate by 10%.
It’s a name that’s been mentioned by our new Slope friend Jesse and some of the talking heads on CNBC have also touted it of late. What’s all the fuss about? I must say, I have no clue, but it is a leveraged play on the housing recovery. From all time highs above 70 five years ago to a low of 66 cents, you can file this one in the Zombieland files (a la AIG, C, BAC). (more…)
