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.
I have a lot of odds and ends to do this afternoon, so I wanted to get a post up before I commenced my (as my mother used to call it) “rat-killilng.” I shorted 450 shares of GLD today, with a stop at 133.68, based on a confluence of resistance that I see. One is the gap at $133.67 (hence the stop); two is the red trendline drawn from the late June 2013 low; and three, most importantly, is the trendline going back thirteen years to 2005, shown below in purple. I think the recent strength in gold is countertrend and will soon be reversed. (more…)
Elon Musk’s pledge to bring a “tsunami of pain” to Tesla bears continues (I, mercifully, have never been among them). As a side note, I’ll mention my delight with Tesla and its service continues. I noticed the car had a “pull” to the right when I was on the freeway accelerating. I brought it in for free service, and instead of demanding that I rent a car from Enterprise, like most auto shops, they gave me a loaner car. A $130,00 top-of-the-line Model S 85P loaner car. For free. It’s just another example of Tesla awesomeness (although, let’s face it, the stock is, umm, richly priced). (more…)
The highly-anticipated FOMC meeting yesterday left the bulls elated, while the bears once again hung their heads in shame (at least for now).
Roughly three days ago the major market indices started to move into short-term extremes overbought states. And after today’s price action we are witness to some of the most short-term overbought states seen in years. Just look at the High-Probability, Mean-Reversion indicator below to see all of the very overbought readings in the ETFs I follow. Basically, only the commodity ETFs are in a neutral state and that’s because they rallied hard after the announcement of no taper. (more…)