The media love to get a hold of buzz words and then give them a spin and a life all their own. Recent examples were the mainstream media’s presentation of ‘Operation Twist’ – which was simply an official yield curve manipulation designed to sanitize and dampen inflationary signals – as an inflationary operation, and the ‘Fiscal Cliff’ drama that sent herds of conventional investors to the sidelines* when they should have been contrarian (and bullish) back in Q4, 2012. (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.
Resistance to Support to Resistance
The 1698.50 area is pretty interesting on the ES right now, because when it burst above this former new high on Sunday, traders were giddy about breaking through resistance. Monday, however, gave up much of these gains. As of this morning, we’re having another assault at this level, and I think it merits watching. My view is that the bulls kind of shot their wad on Summers, as discomfiting as that image might be. (more…)
Dealing with Rejection
I came into yesterday assuming that we would see a bit of a pullback during the day, and then would most likely make a new 2013 high this week on SPX as the weekly upper bollinger band (BB) was tested. That could still happen, but yesterday’s strong rejection from the open and weak close was characteristic of a high, and the short term high may be in. Also, though there was some action above the daily upper BB (which rose by ten points) yesterday, the body of the daily candle was under the upper band and the close just underneath it. This suggests strongly that at the least the daily upper BB is likely to be respected as resistance today and I would put the maximum likely closing range in the 1703-7 area. We may well see much more bearish action to fill yesterday’s open gap however. SPX daily chart: (more…)
Man Up
I confess, I’m growing a little weary of having to steel myself ahead of the market. There will come a
day when this is easy again, and where shooting bulls in the head is a cinch. Recent days are not included in this descriptor, but today turned out much better than I expected. (more…)
