This post is really just to let you know I’m suddenly quite busy (as you might imagine). I’ve got 99 – count ’em – 99 short positions on. My options account needs a bit of wet-nursing right now. I will say, however, in the moment that I’m taking to do this post, that the folks gobbling up stocks during these “out of nowhere” ascents are going to get tired of being disappointed. Particularly since the latest retard-o-ramp didn’t even manage to push higher than the last one. (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.
Bear Market: Exhibit A
Gold’s pattern over the past couple of years has been plain as day:
(a) fall a bunch;
(b) hit a new low;
(c) start to bounce, at which point – within hours, usually – the gold bugs proclaim the bottom is IN, and that gold is heading to $5,000/ounce real soon now;
(d) we hit a fresh pocket of resistance;
(e) the plunge continues anew (more…)
The Steady Riser
Awkward as it’s been, I’ve been a fan of Groupon’s stock ever since Andrew Mason was given the heave-ho (sort of like how Mark Pincus was booted from his CEO job at Zynga yesterday). The basing formation on this was very clean, and as unlikely as it might have seemed at the time, GRPN has been a steady climber. I wouldn’t buy it here, but if I owned it, I wouldn’t see any good reason to sell, either. (more…)
Inflection Point Here
I’ve been saying since the SPX broadening ascending wedge from the November low broke that we were unlikely to see a break back above broken wedge support before the retracement low was in. Broken wedge support was tested at the high yesterday and obviously hasn’t broken as yet. Here’s the chart I posted on twitter just after that high showing the declining channel that was also established at that test. SPX 60min chart (intraday yesterday): (more…)
