I lost four twitter followers over the weekend and I suspect that was because I posted the SPX 1min chart below after the close on Friday with the comment that it was very possible that SPX would gap down at the open today from the clear 70% rising wedge that had formed on Thursday and Friday. After two days of bullish action, and with many bulls declaring victory on twitter, I dare say my comment seemed improbable but patterns like these will generally deliver. If analysis by extrapolation worked then the best times to buy would be when bulls are most confident and the best times to sell would be when bears are most confident. In practice though the exact opposite is generally the case. SPX 1min chart: (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.
US Stock Market, Profits and Policy
Excerpted from the October 6 edition of Notes From the Rabbit Hole, NFTRH 259:
US stocks generally remain on bullish trends in all time frames. Further, the Debt Ceiling (and Government shutdown) theater seems to be playing out in the usual way that these events play out; the stock market has been correcting in an orderly way and seems to be waiting for an inevitable compromise between the White House and Republican leaders. This of course would spur a next leg up if the usual script plays out. That is how it looks, with a traditional bull catalyst (heavy media rotation of an Armageddon-like political event) in play. (more…)
